The number of wallets holding tokenized commodities has reached 452,931, according to the latest data from analytics platform rwa.xyz. This represents substantial growth from around 126,000 wallets a year ago, marking a 3.6-fold increase. Most of this expansion occurred in the last several weeks, highlighting accelerating interest in tokenized assets.
Holder count surges in recent months
From early August to now, approximately 200,000 new wallets joined the tokenized commodities sector. By contrast, only about 126,000 wallets were added in the preceding ten months. ParaFi, a digital asset investment firm, estimated that holders of PAXG and XAUT grew by 65% throughout 2025, while the broader sector expanded by 79% in just the past nine weeks.
Instrument holders are tracked by wallet addresses rather than individual identities, so one user may control multiple wallets. Despite this, the rapid growth remains evident in the sector’s overall trajectory.
Tether Gold overtakes Paxos Gold
Over the past year, Tether Gold (XAUT) has experienced extraordinary growth in wallet holders. Numbers rose from 12,233 last year to 74,544 by August, and surged to 143,973 today. This leads Paxos Gold (PAXG) by about 31,000 holders at the latest count.
Matrixdock Gold stands in third place, with 63,922 holders. Together, XAUT, PAXG, and Matrixdock Gold account for roughly 71% of all wallets in the tokenized commodity sector.
Mini dictionary: Tether Gold (XAUT), issued by Tether, is a digital token representing ownership of physical gold stored in Switzerland, providing users a blockchain-based way to invest in gold.
| Token | Wallet holders (current) |
|---|---|
| Tether Gold (XAUT) | 143,973 |
| Paxos Gold (PAXG) | ~113,000 |
| Matrixdock Gold | 63,922 |
Tokenized ETFs and stocks drive new waves
Growth in tokenized ETFs and stocks distributed via issuers such as xStocks, Robinhood, Ondo, and STOx has brought another wave of new participants. Since early August, these products saw their number of holders grow from around 21,000 to 105,000, boosting their share of total holders from 8% to 23%.
Gold xStock experienced notable expansion, with its wallet count multiplying more than 53 times, from just 780 to 41,569. The trio of Robinhood’s tokenized SPDR Gold Trust, United States Oil Fund, and iShares Silver Trust tally 40,713 holders collectively. This matches the Robinhood chain’s total holder count, indicating most users on the chain hold one of these major tokens.
Oil, silver, and copper see rising interest
While gold-backed tokens still account for about 90% of wallet holders in the sector, tokens tracking oil, silver, copper, and rare earths have attracted a combined 42,000 holders since summer.
Robinhood’s tokenized United States Oil Fund (USO) has 15,211 holders. The iShares Silver Trust, distributed across Robinhood and Ondo, counts about 18,900 wallets. Ondo’s tokenized US Copper Index Fund expanded rapidly, jumping from 26 holders in August to 2,371 now. These products saw minimal adoption prior to recent months.
Mini dictionary: Tokenized ETFs (exchange-traded funds) and stocks are digital representations of traditional securities issued on blockchains, offering fractional ownership and greater accessibility to a wider range of investors.
Ethereum holds most value, users diversify across chains
Ethereum remains the dominant blockchain for tokenized commodities, hosting $4.92 billion out of the sector’s $5.16 billion total market capitalization. BNB Chain, the second largest, holds $85.1 million, with Arbitrum close behind at $83.5 million.
| Chain | Market Cap | Holders |
|---|---|---|
| Ethereum | $4.92 billion | 183,776 |
| BNB Chain | $85.1 million | 94,289 |
| Arbitrum | $83.5 million | a few thousand |
| Plume | N/A | 62,157 |
| Solana | N/A | 62,154 |
| Robinhood | N/A | 40,713 |
Looking at wallet numbers, Ethereum accounts for about 41% of all holders with 183,776 wallets. BNB Chain supports 94,289 holders, Plume and Solana each have just over 62,000, and Robinhood counts 40,713 wallets. Ethereum wallets tend to hold larger, long-term positions, while BNB Chain, Solana, and Robinhood wallets typically house smaller, retail-focused holdings. Arbitrum is an exception among the smaller networks, maintaining a high market cap with relatively few holders.
Long-standing, substantial gold holdings remain concentrated on Ethereum. Meanwhile, new users are increasingly adopting cheaper blockchains and brokerage-style tokens with smaller balances, resulting in wallet growth outpacing the movement of significant capital off Ethereum.
In recent weeks, growth in tokenized ETFs and stocks pushed their share of overall wallet holders from 8% to 23% sector-wide. Gold-backed tokens still dominate, but products tracking oil, silver, and copper are rapidly gaining adoption.
