Gold token hits new high, driving RWA ecosystem expansion, with market size approaching $4 billion

As the international gold market hits a record high, the scale of tokenized real-world assets (RWA) is also accelerating. According to the latest data from RWA.xyz, over the past month, the tokenized commodity market has grown by approximately 11%, reaching $3.93 billion, about to break the $4 billion mark. This phenomenon reflects a deepening trend of traditional assets migrating onto the blockchain and has once again brought the RWA sector into market focus.

Precious Metals Tokenization Leads, Tether and Paxos Dominate Market Share

In the tokenized commodity ecosystem, precious metals are undoubtedly the most watched asset class. Data from TradingView shows that spot gold prices once surged to $4,530 per ounce, with silver and platinum also hitting new records. This upward momentum has directly driven the growth of on-chain gold tokens.

In the market, Tether Gold (XAUT) leads with a market size of $1.74 billion, followed by Paxos Gold (PAXG) at $1.61 billion. The two giants together account for over 85% of the entire tokenized commodity market, establishing an absolute market dominance. While this concentration poses challenges for new entrants, it also confirms user trust in these two platforms.

On-Chain Infrastructure Supports Asset Transfers, Ethereum Holds Absolute Advantage

The core advantage of tokenized precious metals lies in enabling 24/7 on-chain transfers and trading, breaking the time restrictions of traditional financial markets. However, pricing, liquidity, and redemption mechanisms still rely on traditional financial infrastructure, reflecting a deep integration between token assets and the real world.

Regarding underlying networks, Ethereum remains the dominant player, currently supporting about 65% of the tokenized RWA market, approximately $12.7 billion. BNB Chain ranks second with about 10.5%. Despite Ethereum’s clear lead, on-chain data shows that RWA-related activities account for a smaller portion of total fees and transactions compared to stablecoins and mature token trading use cases, indicating that the tokenized assets market is still in its early stages of development.

Trillions of Dollars in RWA Future Outlook, Tokenized Commodities as a New Investment Direction

For the long-term prospects of tokenized RWA, international investment bank Standard Chartered has expressed an optimistic outlook. The bank estimates that by 2028, the market size of tokenized RWA excluding stablecoins will grow to $20 trillion, with about $250 billion flowing into illiquid assets such as private equity and commodities. This suggests that tokenized commodities, as a key branch of RWA, will become an important direction for future asset allocation.

From the current scale of $3.93 billion to the projected trillions by 2028, the growth potential of tokenized RWA is evident. The continuous new highs in gold tokens are a significant catalyst driving the development of the entire RWA ecosystem.