Gold makes up 99.8% of the entire tokenized commodity market

A new a16z Crypto report shows tokenized commodities are overwhelmingly dominated by gold, which accounts for roughly $5.0bn of a $5.1bn tokenized-commodity market (about 98%). Other tokenized commodities combined are only ~$57.6m. The wider tokenized-asset (RWA) market has surged from under $3bn in mid-2024 to around $34bn, driven chiefly by tokenized U.S. Treasurys (about $15.2bn). Ethereum hosts the largest share of tokenized assets ($15.7bn), with BNB Chain, Solana, Stellar and Liquid Network also holding meaningful amounts. The data underline that tokenization growth is concentrated in a few asset types and networks, leaving most commodity tokenization (aside from gold) and DeFi usage relatively limited—implications for market liquidity, product development and issuer competition are significant.