Gold-backed tokens and newer silver products push Solana's onchain commodity supply past its previous all-time high
Tokenized commodity supply on Solana has climbed to a record $63.2 million. Digital gold and silver, it turns out, are finding a home on a chain better known for memecoins.
The new figure clears the network’s previous all-time high of $50.5 million, set on August 25, 2026.
From $50.5 million to a new high
The path to $63.2 million was not a straight line. After the August peak, supply pulled back and settled near $45.6 million.
Trading activity kept running hot during that cooldown. Weekly volume for tokenized commodities on Solana hit a record $87 million in early September.
It then topped that mark, reaching $91.1 million for the week ending September 27, 2026. Supply dipped while trading surged, which suggests the tokens were changing hands rather than sitting idle in wallets.
Gold does most of the heavy lifting. The largest commodity tokens on Solana include PAXG at $10.89 million, GLDx at $10.12 million, XAUT0 at $8.98 million, XAUM at $6.71 million, and GOLD at $2.46 million.
Silver is the newer arrival. SILV, a tokenized silver product, launched in 2026 and generated more than $4 million in trading volume shortly after its debut.
Where the trading happens
Most of the action runs through decentralized exchanges, or DEXs. These are trading venues built from smart contracts rather than a company holding customer funds.
On Solana, Raydium dominates. The exchange accounted for around 70% of the network’s tokenized commodities trading volume in one reported week.
Zoom out, and Solana has carved out a meaningful slice of the spot DEX market for tokenized commodities. Its share of that volume swung between 28% and 36% during the period.
At certain points, Solana even overtook Robinhood Chain on that measure.
Ethereum still owns the vault
None of this changes the bigger picture much. Ethereum continues to dominate the broader tokenized commodities market, holding a share of approximately 95%.
The two figures measure different things. Solana’s 28% to 36% refers to spot DEX trading volume, while Ethereum’s approximately 95% reflects its grip on the overall market.
The real-world asset push
Tokenized commodities fall under a wider category known as real-world assets, or RWAs. The idea is simple: take something that exists off-chain, like gold, Treasuries, or real estate, and represent it as a token on a blockchain.
Solana’s growth in this corner of the market has been helped along by decentralized finance tools. Applied DeFi features contributed to rising trading activity, giving holders more to do with their tokens than simply hold them.
What this means
The data shows two different stories running side by side. Supply, at $63.2 million, is the amount of tokenized commodity value parked on Solana. Volume, which hit $91.1 million in a single week, shows how actively that value is being traded.
Weekly volume exceeding total supply suggests Solana’s commodity market is trading-heavy.
There are risks to keep in mind. Raydium’s roughly 70% share of volume in one week shows how concentrated trading can get, and any disruption at a dominant venue could hit liquidity across the board.
The supply path also shows how quickly numbers can swing. The jump from a $50.5 million peak down to around $45.6 million, and then up to $63.2 million, is a reminder that these markets remain small and can move sharply.
