Tokenized Commodity Adoption Accelerates as Holders Climb Past 450K

The number of wallets holding tokenized commodities has gone past 450K and now stands at 452,931. A year ago, this number was at around 126K. That is a 3.6x jump in holder count in twelve months and most of that growth took place in the last few weeks.

Between early August and today, 200,000 holders were added to the sector. In the ten months before that, it added only around 126,000. It was estimated that holders of PAXG and XAUT grew 65% across all of 2025. The past nine weeks alone saw a 79% growth across the wider sector. 

It’s important to note here that holder counts track wallet addresses and hence does not show the number of unique people. One person can hold several wallets or several tokens. Nevertheless, even with this caveat, the trend is clear.  

Tether Gold Pulls Ahead of Paxos Gold 

Tether Gold (XAUT) had 12,233 holders a year ago and by August of this year, the number had grown to 74,544, which was still trailing Paxos Gold at the time. Fast forward to today, that figure is now at 143,973. That is nearly 12 times its count from last year and about 31,000 more that PAXG, at the time of writing. 

Below the two leaders comes Matrixdock Gold with 63,922 holders. Together, the top three account for about 71% of all wallets in the sector. 

Tokenized ETFs and Stocks Are Behind the Newest Wave

Tokenized ETFs and stocks issued through xStocks, Robinhood, Ondo and STOx have accelerated the growth in recent weeks. These products had around 21,000 holders in early August and now are at 105,000. Their share of all holders grew from 8% to 23% today. 

Gold xStock, for instance, has had a remarkable year with holder count growing over 53x from 780 to 41,569. Robinhood’s tokenized SPDR Gold Trust, United States Oil Fund and iShares Silver Trust have 40,713 holders combined. That matches the Robinhood chain’s total holder count exactly, which suggests almost all of the chain’s users hold one of these three tokens.

Oil, Silver and Copper Start to Show Up

Gold still accounts for about 90% of holders, but other commodities have grown quickly since the summer. Tokens tracking oil, silver, copper and rare earths now have roughly 42,000 holders combined.

Robinhood’s USO token alone has 15,211 holders. The Ondo and Robinhood versions of the iShares Silver Trust have about 18,900 between them. Ondo’s tokenized US Copper Index Fund grew from 26 holders in August to 2,371. In the summer, most of these products barely registered.

Ethereum Keeps the Capital While Users Spread to Other Chains

Ethereum holds $4.92 billion of the sector’s $5.16 billion distributed market cap, or about 95%. BNB Chain is next at $85.1 million, followed closely by Arbitrum at $83.5 million. 

The holder numbers look very different. Ethereum has 183,776 holders, about 41% of the total. BNB Chain has 94,289, Plume has 62,157, Solana has 62,154 and Robinhood has 40,713.

Put the two sets of numbers side by side and the split is hard to miss. Wallets on Ethereum tend to hold large positions, while holdings on BNB Chain, Solana and Robinhood skew much smaller and look more like retail accounts. Arbitrum is the exception among the smaller networks. It has only a few thousand holders, but its market cap sits almost level with BNB Chain’s.

The large, long-term gold positions have stayed on Ethereum. New retail users are coming in through cheaper chains and brokerage-style tokens. As a result, the number of holders is growing much faster than capital is moving off Ethereum.