Gold Down $1,000: $1B Wiped From Tokenized Commodities

Gold hit $4,350 today, down from highs of nearly $5,600 at the end of January. The crash – which analysts claim is due to Fed hawkishness, profit-taking, and renewed dollar dominance – has caused $1B to be wiped from the tokenized commodities market cap. 

Tokenized commodities are down nearly 6% in the last 30 days, according to data from RWA.xyz. This has been largely driven by the plummeting price of one ounce of Gold, which sits at around $4,350 (at the time of writing). Tokenized commodities are the on-chain representation of the value of real-world commodities, like metals or oil.

Gold had been hitting all-time highs in 2026 due to high demand for safe haven assets, de-dollarization, and strong persistent buying from Central Banks.

However, the Fed's latest projections suggest just one rate cut expected in 2026, which would effectively take any near-term loosening of monetary conditions off the table. 

This is because Gold is not a yield-bearing asset and so it has become less attractive than holding Treasuries.

It is likely that some Gold-holders are profit-taking after an incredible run which saw the price of one of the world’s oldest and largest asset classes climb by 65% in 2025 alone.

Tokenized Commodities 

As a consequence of the plummeting Gold price, the overall market cap of tokenized commodities is down nearly 6% in the last 30 days. Gold represents a large proportion of the market cap of tokenized commodities. 

According to data from RWA.xyz, tokenized commodities have a market cap of $6.68B. The combined market cap of XAUT (Tether’s tokenized Gold product) and PAXG (Paxos’s product) is around $4.8B – representing over 70% of the entire market. Consequently, any drop in the Gold price will have a considerable impact on the overall market cap of tokenized commodities. 

Despite this, the tokenization of RWAs (Real-World Assets) continues to climb. The total value of RWAs on-chain currently stands at $26.5B and, despite the drop in Gold, is up 5% in the last 30 days. This does not include stablecoins. 

You can read our full report into RWAs and what they mean for crypto here. 

Gold and US Treasuries are the top tokenized RWA products. Here are the top 4 tokenized RWA products: