The market capitalization of tokenized commodities exceeded $6.1 billion, increasing by 53% over the past six weeks. More than 95% of the segment consists of gold-backed tokens.
According to Token Terminal data, the tokenized commodities market saw rapid growth in 2026, expanding by nearly $2 billion. In January, the segment’s volume stood at just over $4 billion, and as of February 9, it grew to $6.1 billion.
In terms of growth rate, tokenized commodities became the fastest-growing segment within the RWA sector. Over the year, the tokenized commodities market increased by 360%. At the same time, the segment’s growth also had a positive impact on tokenized funds, whose cap rose to $17.2 billion in 2026.
More than 95% of the tokenized commodities market is made up of Tether Gold (XAUt) and PAX Gold (PAXG). Their rapid growth in 2026 drove the overall expansion of the segment. In January 2026, the market capitalization of Tether’s stablecoin increased by 51.6%, reaching $3.6 billion. Meanwhile, the stablecoin issued by Paxos grew by 33.2%, reaching $2.3 billion.
The growth of the tokenized gold market coincided with a historic rally in the spot market. Over the past 12 months, the price of gold has risen by more than 80%, reaching a new high of $5,600 per ounce on January 29. Tokenized commodities also demonstrated strong growth amid declining Bitcoin prices and active liquidations across the crypto market.
The total cap of the RWA market stands at $328.4 billion, of which more than $304 billion accounts for stablecoins.
