Tokenized gold tops $5 billion, capturing nearly all of tokenized commodities

ChainCatcher reports that a16z crypto says gold now overwhelmingly dominates tokenized commodities. Citing rwa.xyz data, a16z noted that as of May 7, 2026, the onchain value of tokenized gold stands at about $5 billion, representing the vast majority of the sector. Other tokenized commodity exposures remain small by comparison: tokenized silver totals roughly $28.1 million, tokenized gold ETFs (iShares Gold Trust) are about $14.1 million, and all other commodity categories combined add up to around $2.95 million. a16z attributed gold's lead to its global liquidity, standardization, and long track record in paper-based trading, which make it a natural fit for tokenization. Products such as Tether Gold (XAUt) and Pax Gold (PAXG) effectively mirror ownership of physically stored gold in onchain wallets. Outside of gold, tokenized oil, agriculture, energy, and computing power are still in the early stages and hold limited market share.