Physical commodities (gold, copper, uranium) are being tokenized as a new RWA asset class in crypto.
RWA & Tokenization ·
Physical commodities including gold, copper, and uranium are being tokenized as a new asset class within crypto markets. Recent developments include Tezos backing a Metals platform that brings gold, uranium, and rare earth assets onchain, while ITCEN Global-backed KorDA launched tokenized gold on LayerZero as one of Asia's first offerings. Trading platforms have expanded access to these assets, with GMX enabling 24/7 gold and silver perpetual contracts at up to 100x leverage powered by Chainlink, and Binance launching USDT-settled gold and silver options that separately recorded peak daily volumes exceeding $7 billion.
The tokenization of physical commodities reflects convergence between traditional and crypto markets around assets with established monetary or industrial properties. Gold maintains roughly 5,000 years of use as a store of value and exhibits well-documented price behavior tied to US interest rates and Federal Reserve policy — the same macroeconomic catalysts that move Bitcoin. Its scarcity is structural: above-ground supply totals approximately 210,000 tonnes, with the majority held as jewelry, investment bars, or central-bank reserves rather than consumed industrially.
Leverage and trading volume growth signal institutional participation, yet pricing dynamics remain volatile. Gold reached above $3,500 per ounce in early 2026 but subsequently fell sharply as rate-cut expectations shifted, erasing year-to-date gains and demonstrating that even structurally bullish assets face drawdowns when macro narratives change. Whether tokenized commodity platforms sustain volume and what regulatory frameworks will govern on-chain physical settlement remain open questions.