Tokenization · CoinDesk
Tokenized commodities look beyond gold as lending and oil open new markets
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Tokenized commodities could grow from a market dominated by gold into a broader system for financing metals, trading energy and borrowing against physical assets, according to executives at Paxos Labs, Theo and Energy Substantiation.
Key facts
- Tokenized commodities’ market capitalization reached $5.55 billion at the end of March 2026, up from $1.43 billion at the beginning of 2025, according to CoinGecko
- Its PAXGy token is backed by PAX Gold PAXG $4,183.82, with reserves deployed to institutional borrowers
- Ioppe forecasts a tokenized commodities market worth tens of billions within five years and more than $100 billion within a decade
- The company expanded its WTIC token from Ethereum to Solana on Oct. 2
Summary
Gold and silver lending could expand tokenization beyond simply tracking commodity prices. EnSub is developing natural gas and Brent tokens alongside its physically backed oil product. Executives see substantial growth ahead, though custody, logistics and borrower risk remain hurdles. Putting commodities on blockchain networks should do more than make them easier to buy, the executives say.