Gold and silver prices continue to hit new highs, and the on-chain tokenized commodity market is also experiencing an explosion.

Latest data shows that the total market capitalization of the entire tokenized commodities sector has approached the range of $3.8 billion to $4 billion, with a growth rate of 10% to 12% over the past month. Since the beginning of the year, new inflows of nearly $3 billion have been recorded, indicating a very clear trend.

Interestingly, gold assets dominate this market. Tokenized gold accounts for over 80%, making it the absolute core—Tether Gold(XAUT) has a market cap of about $1.6 to $1.7 billion, and Paxos Gold(PAXG) has a market cap of about $1.5 to $1.6 billion. In comparison, silver and other commodities are also growing but on a much smaller scale, serving more as supplementary roles.

What does this reflect? During the rise of traditional safe-haven assets, funds are reallocating into hard assets like gold through on-chain forms.

Personally, I lean towards a bullish outlook on tokenized gold-related assets and the entire RWA (Real-World Asset) track, but this is based on medium- to long-term allocation logic, not short-term speculation. If gold and silver prices continue to stay strong, the market cap of on-chain commodities is likely to expand steadily.