Gold Reaches Record High, Driving Expansion of Tokenized RWA Market Approaching $4 Billion

As the international precious metals market performs strongly, the wave of on-chain asset tokenization continues to heat up. According to data from multiple authoritative platforms, the market size of tokenized commodities has approached $4 billion, reflecting an accelerating demand for bringing traditional assets onto the blockchain.

Tokenized Commodity Assets Grow 11% Monthly, Gold and Precious Metals Lead

According to RWA.xyz, the total asset size of tokenized commodities has increased by approximately 11% in the past month, reaching a total of $3.93 billion. This growth is closely related to the record-high spot gold prices—according to TradingView data, spot gold once reached $4,530 per ounce, setting a new historical high.

The strong performance of gold has sparked investor interest in precious metal tokenization products. Prices of other precious metals like silver and platinum have also hit new highs, further driving the overall expansion of the tokenized commodities market. This trend indicates that traditional precious metal investors are gradually exploring the possibilities of on-chain trading and holding.

Tether Gold and Paxos Gold Dominate the Market

Among various tokenized gold products, two leading issuers hold a dominant advantage. Tether Gold (XAUT) has a market size of about $1.74 billion, while Paxos Gold (PAXG) is approximately $1.61 billion, together accounting for over 80% of the market share.

The reason these two tokens remain market leaders is their foundation of established trust—Tether and Paxos are well-known stablecoin issuers within the industry, with early-mover advantages and market recognition in the field of on-chain asset tokenization.

Advantages and Challenges of Tokenized Precious Metals Coexist

On-chain gold tokenization offers unparalleled convenience compared to traditional finance—trades can be executed 24/7 without being limited by traditional market hours. Cross-border transfers and settlement efficiency are also greatly improved, allowing users to complete transactions and deliveries directly on the blockchain.

However, the pricing, liquidity, and redemption mechanisms of tokenized precious metals still rely on traditional financial infrastructure. This means that although the products operate on the blockchain, their underlying value verification and redemption are still closely linked to traditional financial systems, creating a hybrid operational model.

RWA Sector Has Huge Potential, Market Expected to Reach $2 Trillion

Tokenized commodities are just part of the broader RWA (Real World Asset) tokenization track. According to the investment bank Standard Chartered, by 2028, the scale of tokenized RWA excluding stablecoins could grow to $2 trillion, with about $250 billion flowing into private equity and commodities, which are less liquid assets.

This forecast reflects a long-term trend of traditional financial asset tokenization—from highly liquid commodities to less liquid alternative assets—the market is gradually expanding the boundaries of tokenization applications.

Ethereum Dominates the Tokenized Asset Ecosystem, Multi-Chain Landscape Emerges

In terms of technological infrastructure, Ethereum still holds an absolute dominance, currently supporting about 65% of the total tokenized RWA market, equivalent to approximately $12.7 billion. BNB Chain ranks second, with a market share of about 10.5%, indicating an initial multi-chain competition landscape.

Notably, on-chain data shows that RWA-related trading activity, in terms of overall transaction fees and volume, remains lower than mature applications like stablecoins and token trading. This suggests that although the tokenized asset market is expanding rapidly, there is still significant room for growth in ecosystem activity, and future market potential warrants ongoing attention.