Tokenized commodities top $6B, led by gold

The value of tokenized commodities has climbed 53% in less than six weeks to more than $6 billion, Token Terminal data shows. The category stood just over $4 billion at the start of the year, adding about $2 billion since Jan. 1.

Gold-backed products dominate the market. Tether Gold (XAUt) has led recent gains, while Paxos’s PAX Gold (PAXG) has also expanded over the past month.

Tether has acquired a $150 million stake in precious-metals platform Gold.com as it broadens its tokenized-commodities strategy. The company plans to integrate XAUt into Gold.com and is exploring options for customers to buy physical gold using its USDt stablecoin.

Tokenized commodities are blockchain-based tokens that represent exposure to physical assets, most commonly gold. Products like XAUt and PAXG aim to follow the price of the underlying metal and enable on-chain transfers and settlement, giving traders and institutions a way to hold and move gold exposure without leaving crypto markets.

The rise in tokenized gold has tracked a period in which spot gold set record highs, while bitcoin has traded below $70,000. Crypto markets have been weaker since Oct. 10, when a sell-off triggered billions of dollars in liquidations.

Some industry voices, including Strike CEO Jack Mallers, argue bitcoin continues to be priced like a software stock despite hard-asset features. In recent commentary, Grayscale wrote that the ‘digital gold’ narrative has been tested by price action that resembles a high-growth risk asset more than a traditional haven.

According to Token Terminal, tokenized commodities have been the fastest-growing segment within real-world asset tokenization this year, outpacing tokenized stocks and tokenized funds over the same period.

As we covered previously, BNP Paribas commodities strategist David Wilson said on February 10, 2026, that gold could climb to $6,000 an ounce by the end of the year, as macroeconomic and geopolitical risks support demand for the metal.