Digital gold propels tokenized commodities market to over $6 billion

Blockchain has enabled all kinds of digital wonders. Bitcoin and its crypto sisters, NFTs, stablecoins… And then came tokenized assets. Today, they are on the rise like never before. Physical gold is massively migrating on-chain. While bitcoin bleeds, tokenized gold explodes. The crypto market is watching this with wide eyes. A new gold rush is emerging. And it happens on the blockchain. Digital gold is a game changer.

Tokenized gold explodes to $6 billion: gold rush 2.0 is launched

The tokenized commodities market has just crossed $6.126 billion. In less than six weeks, he gained 53%. Since the start of 2026, it has quadrupled. And almost everything comes from tokenized gold. Tether Gold (XAUT) weighs $3.57 billion, Pax Gold (PAXG) $2.31 billion. Between them, they control more than 95% of the sector. Ethereum concentrates 97% of the total volume.

While bitcoin is losing more than 50% since October 2025 and the rest of crypto is bleeding, spot gold is flirting with $5,114 per ounce. Investors are fleeing crypto volatility for tokenized gold. Stability + 24/7 liquidity + fractional ownership: the perfect recipe. Tokenized gold becomes the RWA star while the crypto market is depressed. It's the new gold rush. And it happens on the blockchain.

Paxos recorded record inflows in January. Tether multiplies partnerships. Investors are looking for security. The sector is attracting more and more people. Digital gold is a game changer.

Tether and Paxos take the lion's share: the digital gold duopoly

Tether and Paxos dominate at 95%. XAUT and PAXG represent almost the entire market. Paxos recorded record inflows in January. Tether has just invested $150 million in Gold.com to push XAUT even further.

Ethereum is the parent company: 97% of the volume. Arbitrum, BNB Chain and the others appear as extras. This extreme dominance makes the sector very concentrated. Tokenized gold is exploding. But it explodes in very few hands.

The Tether-Paxos duopoly has become the undisputed master of this new gold fever. And the crypto market is watching this with a mixture of envy and concern. The crypto industry is wondering: who really controls this new digital treasure?

Tokenized gold is attractive. But it also worries. Crypto investors are asking questions. The concentration is extreme. The risk is real. The sector is growing quickly. Too fast for some.

Do you really own gold… or just a nice token? The looming risks

Behind the party, a disturbing question arises. When you buy XAUT or PAXG, do you really own physical gold? Or just a nice token? Adrian Ash, research manager at BullionVault, the said cash :

We don't really know what we have when we buy a digital token “backed” by a physical asset. If you were to assert ownership in a dispute, a court could decide that, in reality, you only own the token.

Tokenized gold is attractive. Yet trust remains fragile. Paxos and Tether swear that their tokens are 100% backed and redeemable. But the history of past bankruptcies reminds us that the risk of custody is real. Tokenized gold is a hit. But it also worries.

Crypto investors need to think about this. The digital gold rush is beautiful. But it hides shadows. The tokenized market is growing. And the questions grow with him.

The figures and highlights of tokenized gold

• Current market capitalization: $6.126 billion;
• Tether Gold (XAUT): $3.57 billion;
• Pax Gold (PAXG): $2.31 billion;
• Share held by Tether + Paxos: more than 95%;
• Ethereum accounts for 97% of the total volume.

These 6 billion dollars are only the beginning of a long adventure. There will certainly be a massive influx if we take into account the forecasts of some experts: 11,000 billion dollars in 2030. Tokenized gold is only in its infancy.