Data: The tokenized commodity market is almost entirely dominated by gold, with a scale of 5 billion dollars

a16z crypto stated that the current tokenized commodity market is almost entirely dominated by gold. It cited data from rwa.xyz indicating that as of May 7, 2026, the on-chain tokenized gold market has reached approximately $5 billion, capturing the vast majority of market share; in contrast, the tokenized silver market is only about $28,100,000, the tokenized gold ETF (iShare Gold Trust) is about $14,100,000, and other commodity categories total approximately $2,950,000.

a16z pointed out that gold possesses characteristics such as global circulation, standardization, and a long-standing reliance on paper certificate trading, making it naturally suitable for tokenization. Products including Tether Gold (XAUt) and Pax Gold (PAXG) essentially map the ownership of gold stored in vaults to on-chain wallets. It also noted that, apart from gold, tokenized oil, agricultural products, energy, and computing power commodity assets are still in a very early stage, with relatively limited market share.