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The tokenized commodities market has grown to $7 billion, up nearly 600% from the start of 2025. Jesse Knutson, Head of Operations at Bitfinex Securities, said in mid-April that rising adoption is not only driven by new demand, but is also helping reshape commodities into mobile, flexible assets designed to support “responsive risk management” amid heightened geopolitical volatility.
Bitfinex Securities noted that Tether Gold (XAU₮) accounts for nearly 40% of the tokenized gold market. The report said tokenized commodity adoption is stronger in assets investors trust more, with gold benefiting from its established role in traditional financial systems.
Tokenization, the report added, makes gold instantly transferable and universally auditable, reducing settlement time and commodity movement frictions. It also said tokenization has expanded beyond gold to include agricultural materials, oil and gas, and industrial metals such as copper.
The report further highlighted that transparency associated with tokenization can improve supply chain integrity.
Despite broader expansion, tokenized commodities remain dominated by gold-backed tokens. Bitfinex Securities attributed increased gold demand to rising geopolitical and monetary uncertainty.
It reported that total Q1 gold demand, including OTC, rose 2% year-on-year. Combined with a large price increase, the value of quarterly gold demand increased 74% to a record high of $193 billion.
Tether Gold’s underlying gold reserves increased 36% quarter on quarter. The report said the scale and speed of inflows indicated a structural shift rather than demand driven only by investors seeking a hedge against uncertainty.
Paolo Ardoino, CEO of Tether, said:
Tether Gold is proving that tokenized commodities can operate with the same seriousness, scale, and reserve discipline expected from major institutional holdings. It allows people and institutions to hold direct exposure to physical gold while benefiting from the transparency, portability, and accessibility of blockchain-based assets.
The report said strict 1:1 backing, regulated issuance, and Swiss-vaulted reserves provide Tether Gold with transparency and investor trust, helping it remain at the forefront of the tokenized real-world asset market.
Bitfinex Securities said gold, which has traditionally played a passive role as a store of value, is increasingly functioning as a more active, collateralized financial instrument.
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