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a16z: The tokenized commodity market is almost entirely dominated by gold, with a scale reaching $5 billion
BlockBeats News, May 23 — a16z crypto posted an article stating that the current tokenized commodities market is almost entirely dominated by gold. It cited data from rwa.xyz saying that, as of May 7, 2026, the on-chain tokenized gold market has reached approximately $5 billion, accounting for the vast majority of market share. By comparison, tokenized silver is only about $28.10 million, the tokenized gold ETF (iShare Gold Trust) is about $14.10 million, and the remaining commodity categories total approximately $29.50 million.
a16z noted that gold has characteristics such as global circulation, standardization, and long-term reliance on trading based on paper certificates, so it is naturally suitable for tokenization. Products including Tether Gold (XAUt) and Pax Gold (PAXG) essentially map the ownership of stored gold to on-chain wallets.
It also said that, aside from gold, tokenized commodity assets such as oil, agricultural products, energy, and computing power are currently still at a very early stage, with relatively limited market share.