Key Highlights:
- Tether Gold (XAUT) has overtaken Paxos Gold (PAXG), surging nearly 12-fold year-over-year to 143,973 holders.
- Tokenized ETFs and equities from platforms like xStocks, Robinhood, and Ondo expanded their holder base from 21,000 in August to 105,000.
- Ethereum retains roughly 95% ($4.92 billion) of the sector’s total market value, while retail users increasingly disperse across BNB Chain, Solana, and Robinhood.
Tether Gold Surges Ahead in Tokenized Commodities Market
The tokenized real-world asset (RWA) landscape is undergoing rapid shifts as Tether Gold (XAUT) outpaces rival Paxos Gold (PAXG) in wallet adoption. A year ago, Tether Gold recorded 12,233 wallet holders, eventually climbing to 74,544 by August of this year while still trailing Paxos Gold. Today, Tether Gold’s wallet count has reached 143,973—a near twelvefold increase compared to last year’s figures and roughly 31,000 more holders than PAXG. Behind the two dominant assets, Matrixdock Gold holds third place with 63,922 holders. Combined, these three major gold tokens represent approximately 71% of all wallet addresses across the tokenized commodity sector. Analysts note that wallet counts track individual on-chain addresses rather than verified unique individuals, as single entities can control multiple wallets or tokens.
Tokenized ETFs and Equities Fuel Retail Expansion
A fresh surge in ecosystem participation is being driven by tokenized exchange-traded funds and equity-backed assets issued via xStocks, Robinhood, Ondo, and STOx. In early August, these investment products collectively accounted for roughly 21,000 holders, representing just 8% of the broader market. That figure has since expanded to 105,000, lifting their collective share of total holders to 23%.
Individual asset growth illustrates this momentum: Gold xStock expanded its holder base more than 53-fold over the past year, leaping from 780 to 41,569 wallets. Simultaneously, Robinhood’s tokenized iterations of the SPDR Gold Trust, United States Oil Fund, and iShares Silver Trust account for 40,713 holders combined. This metric matches the Robinhood chain’s total holder count precisely, signaling that virtually every user on the chain maintains exposure to at least one of these three commodity offerings.
Alternative Commodities Emerge: Silver, Oil, and Copper
While gold-backed tokens command approximately 90% of all holders, non-gold commodities have exhibited notable traction since late summer. Digital tokens representing exposure to crude oil, silver, copper, and rare earths now aggregate roughly 42,000 holders. Robinhood’s tokenized USO vehicle alone accounts for 15,211 wallets, while Ondo and Robinhood offerings of the iShares Silver Trust encompass around 18,900 holders collectively. Furthermore, Ondo’s tokenized US Copper Index Fund saw dramatic expansion, growing from just 26 holders in August to 2,371.
Capital Remains on Ethereum as Retail Spreads Across Alternative Chains
A significant divergence has emerged between where capital is concentrated and where active wallets are located. Ethereum dominates the sector’s total value, locking in $4.92 billion of the aggregate $5.16 billion distributed market capitalization—representing roughly 95% of the entire ecosystem. In terms of value, BNB Chain trails behind at $85.1 million, followed by Arbitrum at $83.5 million.
Conversely, wallet distribution reveals a decentralized user base across competing networks. Ethereum accounts for 183,776 holders (roughly 41% of the aggregate total), whereas BNB Chain registers 94,289, Plume tracks 62,157, Solana accounts for 62,154, and Robinhood records 40,713. While major capital balances stay locked on Ethereum, alternative networks attract higher volumes of retail-sized accounts. Arbitrum remains an outlier among lower-cost chains, securing a market cap close to BNB Chain’s total despite having only a few thousand wallet holders.
Why This Matters
The structural divergence between Ethereum and alternative Layer 1 and Layer 2 ecosystems highlights two distinct operating tiers within real-world asset tokenization. Institutional-scale capital and long-term commodity positions remain anchored on Ethereum mainnet due to established liquidity and settlement security. In contrast, retail onboarding is accelerating through low-fee environments and brokerage-style token products offered by entities like Robinhood and Ondo. As retail interest branches into secondary commodities like silver, copper, and oil, user participation is expanding far faster than capital is moving away from the primary Ethereum settlement layer.
Frequently Asked Questions
Which token leads the tokenized gold market by holder count?
Tether Gold (XAUT) has taken the lead with 143,973 holders, overtaking Paxos Gold (PAXG) by approximately 31,000 wallets. Matrixdock Gold ranks third with 63,922 holders.
How much of the tokenized commodity market cap resides on Ethereum?
Ethereum holds approximately $4.92 billion of the sector’s total $5.16 billion market capitalization, which equates to about 95% of all distributed value.
What platforms are driving the growth of non-gold tokenized commodities?
Issuers and platforms including Robinhood, Ondo, and xStocks have driven substantial growth in alternative commodities, enabling access to tokenized silver trusts, crude oil funds, and copper index products.
