A year ago, precious-metal tokens were the entire public tokenized-asset market. XAUT and PAXG made up nearly 100% of it. By June 2026, their combined share has fallen to 68%, with the remaining 32% now composed mostly of tokenized stocks and ETFs.
Why it matters
Tokenized stocks have become accessible to retail. Centralized exchanges have rolled out their own equity products over the past couple of months, opening a new distribution channel for on-chain exposure to traditional equities.
Market impact
Gold tokens are still the largest category in the RWA space, but the share drop signals a broadening of the on-chain asset map. The shift suggests demand is migrating from store-of-value products to yield and equity-tracking instruments, a structural change in how tokenized assets are perceived by retail traders.
Source: [source](http://telegraph.controller.bot/files/8336652911/AgACAgIAAxkBAAJEVWpniJERWd2EmmqGNPMqayO4Lol6AAJ2Gmsby9FAS3Z7IeWf3jHIAQADAgADeQADPQQ)
Frequently asked questions
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What share of tokenized assets do XAUT and PAXG hold now?
By June 2026, XAUT and PAXG together account for 68% of public tokenized assets, down from nearly 100% a year earlier.
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What makes up the remaining 32% of tokenized assets?
The remaining 32% is mostly tokenized stocks and ETFs, a category that centralized exchanges have rolled out for retail over the past two months.
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Why are tokenized stocks gaining share?
Centralized exchanges have launched their own equity token products, putting tokenized stocks within easy reach of retail traders.
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Are gold tokens still the largest RWA category?
Yes. Gold tokens remain the single largest category within tokenized real-world assets, even as their share of the market declines.
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What does the shift from metals to stocks mean for RWA?
The migration suggests on-chain capital is moving from store-of-value products toward yield and equity-tracking instruments, broadening the asset map.
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