The Tokenized Commodities Market in 2026: Evolution, Adoption, and Outlook
Tokenized commodities scaled rapidly over the past year, expanding its AUM from $1.37B to $5.46B YoY, representing an annual growth of ~300%. While the sector growth has accelerated, this expansion is largely attributed to increased demand for precious metals, specifically gold. The top 2 tokenized gold assets XAUT by Tether and PAXG by Paxos, collectively hold ~95% market share of total tokenized commodities. That concentration is not a weakness in itself. It is the clearest signal that the asset class has found product-market fit onchain, fuelling its recent growth. The question is no longer whether tokenized commodities will sustain — it has shifted to when they become a mainstream asset for retail investors and institutions alike. In this report, we examine the growth trajectory of tokenized commodities, the structural case for why the trend is durable, and the challenges and opportunities that will define its next phase.
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