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Gold and commodities lead weekly gains
Tokenized gold and commodity markets posted double-digit weekly gains as of Oct. 4, 2026, while tokenized U.S. Treasury products declined slightly, according to CoinGecko data.
Tokenized gold reached a market capitalization of $5.88 billion, up 16.3% from the previous week, while tokenized commodities rose 15.4% to $6.16 billion. Over the latest 24-hour period, however, gold slipped 0.1% and commodities fell 0.2%. The reporting period covered Sept. 28 through Oct. 4.
Tokenization refers to representing ownership or economic rights in traditional assets on a blockchain. Such products are commonly grouped under the term real-world assets, or RWAs. CoinGecko cautions that its categories can overlap, meaning the figures should not be added together to calculate a total market size.
Tether issued 119,670 new units of its Tether Gold token, known as XAUT, on Sept. 29. The tokens were worth about $497 million at the time of issuance. Through Oct. 1, XAUT and Spiko’s euro-denominated money market fund token, eurSAFO, recorded the largest net inflows over the preceding 30 days. Separately, RWA.xyz valued tokenized commodity assets at about $5.1 billion as of Sept. 30.
Treasury and money market products retreat
The tokenized Treasury sector was valued at $9.42 billion, unchanged over 24 hours but down 1.2% for the week. Tokenized money market funds fell 3.5% for the week to $3.23 billion. BlackRock’s BUIDL and Anemoy’s JTRSY recorded the largest 30-day net outflows.
CoinGecko listed Circle’s USYC as the largest tokenized Treasury product at $2.41 billion, followed by Ondo US Dollar Yield at $2.29 billion and BlackRock’s USD Institutional Digital Liquidity Fund at $2.26 billion. Invesco’s Short Duration U.S. Government Securities Fund stood at $743.9 million, while Spiko’s EU T-Bills Money Market Fund was valued at $663.2 million.
Other major products included the Janus Henderson Anemoy Treasury Fund at $326.2 million, the Ondo Short-Term U.S. Government Bond Fund at $321.2 million and the Spiko U.S. T-Bills Money Market Fund at $166.5 million.
Superstate announced Jan. 22 that it had raised $82.5 million in a Series B funding round led by Bain Capital Crypto and Distributed Global. The company manages more than $1.23 billion through two tokenized funds. Its USTB fund held about $794.6 million and yielded 3.52%, while USCC held about $441.9 million and yielded 5.58%.
Private credit remains the largest category
Tokenized private credit climbed 2.9% in 24 hours and 1.9% for the week to $25.09 billion. Tokenized stocks declined 3% over 24 hours but gained 4.8% for the week, reaching $2.47 billion. Tokenized real estate increased 1.8% for the week to $115.1 million despite a 0.2% daily decline.
RWA.xyz reported that tokenized stocks had more than quadrupled since January to exceed $3 billion by August 2026. They represented about 8% of the roughly $38 billion on-chain RWA market excluding stablecoins.
Protocol tokens deliver mixed results
The market capitalization of tokens associated with RWA protocols rose 1.6% over 24 hours and 0.2% for the week to $14.45 billion. Collector Crypt’s CARDS token led the weekly gains, rising 45.1% to 27 cents. Zebec Network gained 18.7%, while Maple Finance rose 17.4% to 26 cents.
RE increased 4.4% to 51 cents, and Chainlink edged up 0.3% to $14.14. Centrifuge declined 9% to 15 cents, Ondo fell 6.1% to 50 cents, and Plume slipped 1% to 2 cents.
Ondo Finance introduced three tokenized portfolios on Sept. 25 based on BlackRock strategies. The income-focused BLKHIon, diversified-growth BLKDIGon and high-growth BLKGRWon portfolios hold stock, bond and bitcoin exchange-traded funds. They are available only to eligible investors outside the United States. Ondo’s token gained more than 16% on the launch date.
U.S. institutions prepare broader tokenization
Estimates of the overall RWA market vary by methodology. RWA.xyz valued transferable, or “distributed,” real-world assets at $38.55 billion as of Sept. 30, with U.S. Treasurys accounting for about $14.7 billion, or 38%. On Oct. 1, it tracked $38.61 billion across 39 blockchain networks.
Token Terminal produced a higher estimate of roughly $46.2 billion to $46.3 billion across 35 to 36 networks at the end of September. Ethereum accounted for about $22.2 billion, or 48%, followed by BNB Chain at roughly $5.5 billion and Solana at about $3 billion. The estimates differ because RWA.xyz separates freely transferable assets from tokens with transfer restrictions, while Token Terminal does not.
The Depository Trust & Clearing Corp., a central piece of U.S. financial-market infrastructure, plans a full commercial launch of tokenization services in October 2026. Under a no-action letter issued by the Securities and Exchange Commission on Dec. 11, 2025, the service was permitted to tokenize Russell 1000 stocks, major index ETFs and U.S. Treasurys. DTCC conducted limited live transactions in July 2026, and more than 50 organizations, including BlackRock, JPMorgan and Ondo, have participated in the working group.
South Korea develops its regulatory framework
In South Korea, policymakers and industry representatives have discussed further legislation needed to support RWAs following the introduction of the country’s security token offering system. The discussions included possible revisions to a proposed digital asset framework, the Capital Markets Act and the Electronic Securities Act.
Participants included lawmakers Min Byung-dug and Kang Jun-hyun, along with Cho Won-hee, head of the Korea Web3 Blockchain Association. The discussions cited an on-chain RWA market of $38.17 billion as of Aug. 9, including $16.2 billion in U.S. Treasurys. South Korea’s security token rules took effect Feb. 4, 2026.
The figures reflect market values at the time they were collected. Tokenized products differ in issuance structure, investor eligibility and regulatory treatment, and investors can lose principal. The data represent a market overview, not investment advice.
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