Tokenized Commodity Market Approaching $4 Billion, Gold Hits New High Boosting RWA Attention

According to reports, as gold, silver, and platinum prices hit historic highs, the scale of tokenized bulk commodity on-chain continues to rise, nearing $4 billion. TradingView data shows spot gold briefly rose to $4530 per ounce; RWA.xyz data shows the tokenized bulk commodity scale has grown by about 11% in the past month, reaching $39.3 billion. Among them, Tether Gold (XAUT) has a scale of about $17.4 billion, and Paxos Gold (PAXG) about $16.1 billion, collectively dominating the market.

Reports indicate that tokenized precious metals can achieve on-chain transfer and trading around the clock, but pricing, liquidity, and redemption still rely on traditional financial infrastructure. As part of the broader RWA track, Standard Chartered Bank predicts that by 2028, the tokenized RWA scale excluding stablecoins will increase to $20 trillion, with about $250 billion flowing into illiquid assets such as private equity and bulk commodities.

In terms of underlying networks, Ethereum still dominates, currently accounting for about 65% of the tokenized RWA scale, equivalent to $12.7 billion; BNB Chain ranks second, with a share of about 10.5%. However, on-chain data shows that RWA-related activities still account for a lower proportion of overall transaction fees and trading compared to mature use cases such as stablecoins and token trading.

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