Tokenized Gold Wave: Market Surges Past $6.1 Billion, How Can Traditional Safe-Haven Assets Rebirth Through Blockchain?

As gold prices break through historic highs, the tokenized commodities market has surged 53% in six weeks, quietly surpassing tokenized stocks and funds to become the most prominent sector in on-chain real-world assets.

“Tether Gold and Paxos’s PAX Gold account for over 95% of the tokenized commodities market, which has now overtaken tokenized stocks and funds.” This market data comes from the crypto analytics platform Token Terminal, revealing that gold is rapidly becoming asset-backed on the blockchain.

According to the latest figures, the market valued just over $4 billion at the start of the year has grown by approximately $2 billion in less than six weeks, surpassing a total of $6.1 billion. This growth rate makes it the fastest-growing segment within the real-world asset tokenization market.

Market value changes of tokenized commodities since 2018. Source: Token Terminal

Market Explosion

The tokenized commodities market is experiencing unprecedented growth. Data from the crypto analytics platform Token Terminal shows that at the beginning of 2026, the total value was just over $4 billion. In less than six weeks, its market cap increased by 53%, crossing the $6.1 billion mark.

This explosive growth is no coincidence. It occurs against the backdrop of gold spot prices rising over 80% in the past year and hitting a record high of $5,600 per ounce on January 29. As more gold is transferred onto the blockchain, the tokenized commodities sector has become the fastest-growing vertical in real-world asset tokenization.

Leading Forces

The market is dominated by gold products. Tether’s gold-backed stablecoin, Tether Gold (XAUt), is the primary driver of this growth.

Over the past month, XAUt’s market cap increased by 51.6%, reaching $3.6 billion; meanwhile, Paxos’s PAX Gold (PAXG) grew by 33.2%, reaching $2.3 billion. These two products together account for over 95% of the tokenized commodities market. In comparison, the tokenized stock market is valued at only $53.8 million, and tokenized funds at $17.2 billion. The year-over-year growth rate of the tokenized commodities market is 360%, far surpassing the 42% growth of tokenized stocks and 3.6% of tokenized funds.

Top five tokenized commodities by market cap. Source: Token Terminal

Divergence Between Gold and Bitcoin

An interesting phenomenon is emerging: traditional safe-haven assets and the crypto market are diverging significantly. After reaching a record high, gold prices have slightly retraced but remain stable around $5,050 per ounce. Meanwhile, Bitcoin has fallen 52.4% from its October 2025 peak of $126,080, dropping to around $60,000 before rebounding to approximately $66,950.

This divergence has sparked industry discussion. Strike CEO Jack Mallers speculates that, although Bitcoin exhibits characteristics of a hard currency, it is still viewed as a software stock. Grayscale, a crypto asset management firm, also notes that the long-term narrative of Bitcoin as “digital gold” is being tested, with its recent price movements increasingly resembling high-risk growth assets rather than traditional safe havens.

Strategic Moves

The rapid market growth has attracted strategic investments from major players. Last Thursday, Tether announced the acquisition of a $150 million stake in the precious metals platform Gold.com, expanding its tokenized commodities strategy. This acquisition aims to broaden access to tokenized gold. Tether plans to integrate its XAUt token into the Gold.com platform and explore options for customers to purchase physical gold using USDT stablecoin.

Acquiring a well-known precious metals retail platform like Gold.com demonstrates Tether’s intention not only to maintain leadership in the stablecoin market but also to establish a comprehensive ecosystem for tokenized gold, spanning online and offline channels.

Gate Market Overview

According to Gate’s latest market data (as of February 11, 2026), the performance of tokenized commodities and related spot prices is as follows:

Data shows that gold and related tokenized products remain relatively stable, with silver (XAGUSDT) showing more activity, up 2.27% in 24 hours.

On the Gate platform, gold contracts are among the top three in trading volume across the network, with total 24-hour XAUT contract trading reaching $724 million, indicating strong market demand for tokenized gold.

Market Outlook

The rise of tokenized commodities, especially tokenized gold, reflects investors’ strong demand for a combination of “traditional safe assets + blockchain technology.” The market demonstrates a preference for gradual improvements—making traditional assets like gold easier to trade, divide, and settle—rather than radical financial revolutions.

As major players like Tether expand their tokenized commodities strategies—acquiring traditional precious metal platforms, integrating payment solutions—the channels for accessing tokenized gold will become more diverse and convenient. This trend could further accelerate the onboarding of real-world assets onto the blockchain, attracting more traditional investors.

When gold prices surpass $5,600 per ounce, the market cap of tokenized gold has quietly exceeded $6.1 billion. Tether Gold and PAX Gold act as two digital vaults, holding over 95% of the market share. Tether’s acquisition of a stake in Gold.com for $150 million signals the merging of physical gold and blockchain assets. Investors can now buy physical gold with USDT or trade tokenized gold 24/7 on-chain. The market has chosen a pragmatic path—not replacing gold with Bitcoin, but using blockchain technology to make gold more liquid. While Bitcoin has fallen over 50% from its high, gold and its tokenized products remain resilient amid global uncertainty. This trend may indicate that the next wave of blockchain adoption will stem from digitally reshaping traditional value rather than completely overthrowing it.