Demand for regulated, tokenized access to bullion is growing, though expansion pace depends heavily on a limited number of concentrated products and partners.

"RWA.xyz estimates that the tokenized commodities sector has grown to roughly $4.56 billion in distributed value. According to the same estimate, Tether Gold and Paxos Gold account for more than 90% of that market, indicating that liquidity and adoption in this niche are currently concentrated in a small set of issuers."