Tokenized commodities have surpassed a $6 billion market cap, driven by gold-backed tokens like XAUT and PAXG. Ethereum remains the dominant network for these assets, which allow investors to gain exposure to physical gold without handling the physical commodity. The sector’s total value has seen rapid growth in 2026, with leading tokens posting substantial gains over the past six months.
The market cap for tokenized commodities has crossed $6 billion, reaching an all-time high for the sector according to data from Token Terminal. Much of this expansion is attributed to gold-backed tokens, led by Tether’s XAUT and Paxos’ PAXG.
XAUT has grown to a market cap of $3.6 billion, posting gains of 51.6% over the past 30 days, 64% over 90 days, and 184% over 180 days. PAXG has reached $2.3 billion, rising 33.2% in the past month, 66% over three months, and 144% over six months. Together, these two tokens account for the majority of the sector’s total valuation.
Ethereum serves as the main network for tokenized commodities, with most gold-backed tokens issued on the platform. While versions are available on other networks such as Arbitrum, BNB Chain, and Solana, Ethereum remains the core infrastructure for the sector’s expansion.
The appeal is simple: tokenized gold allows investors to gain exposure to physical gold while staying entirely on-chain. This keeps them from having to deal with storage, transport, or traditional intermediaries.
