BlockBeats report: On May 23, a16z crypto posted that the current tokenized commodities market is almost entirely dominated by gold. Citing data from rwa.xyz, it stated that as of May 7, 2026, the on-chain tokenized gold market cap had reached approximately $5 billion, accounting for the vast majority of market share; in comparison, tokenized silver stood at only about $28.1 million, tokenized gold ETFs (iShares Gold Trust) at approximately $14.1 million, and all other commodity categories combined at around $29.5 million.
a16z notes that gold possesses characteristics such as global liquidity, standardization, and a long history of paper-based transaction systems, making it naturally suited for tokenization. Products like Tether Gold (XAUt) and Pax Gold (PAXG) essentially map ownership of gold stored in vaults to on-chain wallets.
It also noted that tokenized assets such as oil, agricultural products, energy, and computing power—aside from gold—are still in very early stages and hold relatively limited market share.