Gold is valuable partly because it is difficult to produce. Unfortunately, it can also be difficult to move.
Owning physical bullion typically entails managing storage, insurance, transportation, and settlement. Tokenization is changing that equation by representing ownership of real precious metals on a blockchain, allowing gold and silver to move between wallets almost as easily as other digital assets.
The sector has expanded rapidly. According to CoinGecko, over the past nine months, the market cap of commodity tokens has increased by 289%, from $1.43 billion to $5.55 billion in the first quarter of 2026. Most of that growth was from tokenized gold, with spot trading volume hitting $90.7 billion in the quarter, more than the $84.64 billion for all of 2025.
The market remains heavily concentrated around its largest issuers, but a growing group of platforms is bringing gold, silver, platinum and palladium onto different blockchain networks.
Tether has built the largest name in tokenized gold through Tether Gold, or XAU₮. Each token represents ownership of one fine troy ounce of physical gold contained in a London Good Delivery bar, with the bullion held in Switzerland.
Tether’s March 31, 2026 reserves report showed 707,747.139 fine troy ounces of gold against 707,747.09 XAU₮ tokens, giving the reserves a reported value of about $3.3 billion at the time. XAU₮ has since expanded beyond Ethereum to BNB Chain, while July brought two notable developments: recognition as an Accepted Spot Commodity within Abu Dhabi Global Market and Shariah certification from Amanah Advisors.
Paxos offers PAX Gold, or PAXG, another heavyweight in the digital bullion market. One PAXG represents one fine troy ounce of physical gold stored in London Bullion Market Association vaults. Unlike simply tracking gold’s price, ownership of PAXG gives the holder rights to the underlying allocated metal held by Paxos Trust Company.
Holders using supported on-chain wallets can even look up information about their allocated gold. Paxos publishes monthly attestations and says it currently charges no storage fee. The company also brought PAXG natively to Solana in 2026 as the beginning of a broader multichain strategy.
Kinesis takes the idea further by treating precious metals almost like spendable currencies. Kinesis Gold, or KAU, represents one gram of allocated physical gold, while Kinesis Silver, or KAG, represents one troy ounce of silver. The underlying bullion is held across a global vaulting network and undergoes independent physical audits twice a year. Kinesis also allows qualifying users to redeem the digital assets for physical bullion.
Its scale is significant outside the two market leaders. CoinGecko’s 2026 RWA report put KAG at roughly $350 million and KAU at about $270 million at the end of the first quarter. Kinesis additionally allows eligible physical bullion to be brought into its vault network and converted into KAU or KAG.
Matrixdock is turning tokenized precious metals into assets that can do more than sit inside a wallet. Its XAUm token represents one troy ounce of 99.99% pure, LBMA-accredited gold held with custodians in Asia. The company has also introduced XAGm for tokenized silver. Matrixdock publishes underlying asset information and uses independent physical audits alongside on-chain proof-of-reserve infrastructure.
XAUm has expanded across networks including Ethereum, BNB Chain, Sui and Solana. More importantly, it is moving into DeFi. In June 2026, XAUm became the first real-world asset accepted as collateral in Venus Protocol’s Fixed-Term Vault on BNB Chain.
Meld Gold has built its platform around making gold and silver digitally transferable while maintaining a direct link to physical metal. Its GOLD$ and SILVER$ tokens are each backed by one gram of the corresponding precious metal held within Meld’s network of vaults and facilities. The tokens are designed to be redeemable for the underlying metal rather than merely offering synthetic price exposure.
Meld has particularly strong roots in the Algorand ecosystem and has been developing a multichain approach involving the XRP Ledger. Its broader ambition is also interesting: the company wants blockchain to connect participants throughout the gold supply chain, including miners, refiners and retailers.
Aurus stands out because it is not limiting its tokenization model to gold. Its tGOLD token represents one gram of physical gold, while tSILVER provides one-gram exposure to silver. The wider Aurus model has also extended to platinum, giving the platform one of the broader precious-metal offerings in the sector.
Physical reserves are held through bullion-industry partners rather than a single centralized storage location, and Aurus says its metal is kept in audited and insured vaults. The company is also working with Chainlink on proof-of-reserves infrastructure intended to connect the quantity of physical metal held off-chain with token supply on-chain.
VNX combines tokenized precious metals with a wider real-world-asset and stablecoin infrastructure. VNX Gold, or VNXAU, represents one gram of physical gold stored in professional vaults, with the platform describing the underlying holdings as fully allocated and independently audited. VNX has also broadened its precious-metal offering toward silver and platinum.
One advantage is blockchain reach. VNXAU has been deployed across networks including Ethereum, Polygon, Solana, Stellar, Base, Tezos and Q. The company says its assets can also move into DeFi applications for activities such as lending, borrowing and liquidity provision. VNX Global operates under a Bermuda Monetary Authority digital-assets licence.
ComTech Gold takes a Middle East-focused approach to putting bullion on-chain. Its CGO token runs on the XDC Network, with each token representing one gram of physical gold. The underlying bullion is stored with secure vault operators in the UAE, while the project publishes reserve information and periodic custody reports.
Its transparency page showed 39,000 grams of tokenized gold and included a February 2026 audit report. ComTech also received an updated Shariah pronouncement in March 2026 covering the structure of CGO. The combination of fractional gold ownership, XDC settlement and Shariah compliance gives the project a distinct position among smaller tokenized-metal issuers.
VeraOne has taken the multi-metal route even further. Its platform offers VeraOne for gold alongside SilverOne, PallaOne and PlatiOne, providing digital representations of gold, silver, palladium and platinum. The assets are issued as Ethereum-based tokens, and the company says they are backed by physical precious metals stored in secure facilities, including Geneva free ports.
Tokens are designed to be redeemable against LBMA-accredited metal, subject to the platform’s conditions. Covering four major precious metals gives VeraOne a broader scope than the many platforms built exclusively around gold and opens the door to industrial-metal exposure alongside the more familiar store-of-value use case.
The next stage of precious-metal tokenization is about more than making gold easier to buy. Platforms are beginning to turn bullion into programmable collateral that can be transferred globally, borrowed against, traded around the clock or integrated into decentralized financial applications.
That does not remove the risks. A blockchain can prove how many tokens exist, but investors still depend on issuers, custodians, auditors, legal ownership structures and reliable redemption mechanisms to ensure the metal behind those tokens is really there and accessible.
Those details may ultimately separate enduring tokenized precious-metal platforms from simple gold-pegged cryptocurrencies. As the market grows, transparency about custody and reserves will matter just as much as liquidity, blockchain speed or token design.
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