Tokenized Commodity Adoption Accelerates as Holders Climb Past 450K

Recent data from rwa.xyz shows that wallets holding tokenized commodities have surpassed 450,000, reaching a total of 452,931. This represents a 3.6-fold increase over the 126,000 holders recorded a year ago, with the vast majority of this expansion occurring during the past few weeks.

The sector gained 200,000 holders between early August and today, compared to only about 126,000 added over the preceding ten months. While ParaFi estimated that PAXG and XAUT holders grew by 65% throughout all of 2025, the broader sector experienced a 79% increase over the past nine weeks alone.

Because holder counts reflect wallet addresses rather than unique individuals, a single person may control multiple wallets or tokens. Even with this caveat, however, the overall trend remains unmistakable.

Tether Gold Pulls Ahead of Paxos Gold

One year ago, Tether Gold (XAUT) reported 12,233 holders, a figure that climbed to 74,544 by August of this year—still trailing Paxos Gold at the time. Today, that number stands at 143,973, marking a nearly twelvefold rise from last year and placing it roughly 31,000 ahead of PAXG at the time of writing.

Matrixdock Gold follows closely behind the two leaders with 63,922 holders. Combined, the top three projects represent approximately 71% of all wallets across the sector.

Tokenized ETFs and Stocks Are Behind the Newest Wave

Recent weeks have seen accelerated growth driven by tokenized ETFs and stocks issued via xStocks, Robinhood, Ondo, and STOx. These offerings climbed from roughly 21,000 holders in early August to 105,000 today, lifting their share of total holders from 8% to 23%.

For example, Gold xStock experienced exponential growth as its holder count multiplied over 53 times, rising from 780 to 41,569. Meanwhile, Robinhood’s tokenized SPDR Gold Trust, United States Oil Fund, and iShares Silver Trust collectively account for 40,713 holders—matching the total holder count of the Robinhood chain precisely, which implies that virtually every user on the chain holds at least one of these three tokens.

Oil, Silver and Copper Start to Show Up

Although gold continues to account for roughly 90% of all holders, alternative commodities have expanded rapidly since the summer. Tokens tracking oil, silver, copper, and rare earths now claim approximately 42,000 collective holders.

Robinhood’s USO token alone accounts for 15,211 holders, while the Ondo and Robinhood versions of the iShares Silver Trust hold roughly 18,900 between them. Ondo’s tokenized US Copper Index Fund advanced from just 26 holders in August to 2,371. Over the summer, many of these same products were barely registering.

Ethereum Keeps the Capital While Users Spread to Other Chains

Ethereum accounts for $4.92 billion—or about 95%—of the sector’s $5.16 billion distributed market capitalization. BNB Chain follows at $85.1 million, with Arbitrum close behind at $83.5 million.

The distribution of holders tells a different story. Ethereum registers 183,776 holders, representing approximately 41% of the total. BNB Chain accounts for 94,289, Plume for 62,157, Solana for 62,154, and Robinhood for 40,713.

Comparing the two metrics highlights a clear division: wallets on Ethereum generally maintain larger positions, whereas balances on BNB Chain, Solana, and Robinhood are significantly smaller and lean toward retail accounts. Arbitrum serves as the exception among smaller networks, maintaining a market cap nearly equal to BNB Chain’s despite having only a few thousand holders.

Ultimately, large, long-term gold positions remain anchored on Ethereum, while newer retail participants enter through more cost-effective chains and brokerage-style tokens. Consequently, the total number of holders is increasing at a much faster pace than capital is leaving Ethereum.

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