Tokenized gold surpasses $3.9 billion, traditional asset on-chain trading is becoming a trend

【Chain Wen】Global precious metal prices hit a record high, and this wave has also reached the blockchain.

According to the latest statistics from the RWA data platform, the tokenized commodity market has approached a scale of $4 billion. In just the past month, this sector has grown by 11%, currently reaching $3.93 billion. What does this indicate? It shows that more and more people are starting to bring real assets onto the chain.

Among them, Tether Gold (XAUt) is leading the pack, with a market capitalization of $1.74 billion, almost half of the entire market. Following closely is Paxos Gold (PAXG), which, although slightly smaller, also has a scale of $1.61 billion. These two projects almost dominate the tokenized precious metals ecosystem.

Why has this sector suddenly become popular? The core advantage is clear: on-chain trading is not limited by traditional market trading hours, allowing 24/7 trading and transfers, which is a huge convenience for global investors. You don’t have to wait for New York to open; you can trade whenever you want.

But frankly, current RWAs are not fully independent yet. Pricing power, liquidity depth, physical redemption, and other aspects still rely on traditional financial infrastructure. In other words, it’s still a hybrid of traditional assets and blockchain; true full decentralization is still a distance away. However, this transitional phase itself is very imaginative.