Tokenized commodities on Solana have reached a record $63.2 million, surpassing the previous all-time high of $50.5 million set on August 25, 2026. The increase reflects growing activity in gold-backed tokens and the arrival of newer silver products on the network.

Supply Rebounds as Trading Accelerates

The market’s growth has not followed a straight line. After reaching its August peak, tokenized commodity supply declined to approximately $45.6 million before recovering to the new record. That rebound came alongside elevated trading activity, suggesting the market is being used for more than passive asset holding.

Weekly trading volume reached $87 million in early September and climbed again to $91.1 million for the week ending September 27. The combination of a temporary supply decline and rising volume indicates that tokens were changing hands actively as market participants rotated through positions.

Gold-backed assets remain the foundation of Solana’s tokenized commodities market. The largest tokens by supply include:

• PAXG: $10.89 million
• GLDx: $10.12 million
• XAUT0: $8.98 million
• XAUM: $6.71 million
• GOLD: $2.46 million

Silver is adding another source of growth. SILV, a tokenized silver product launched in 2026, generated more than $4 million in trading volume shortly after its debut.

Raydium Leads Solana’s Commodity Trading

Decentralized exchanges account for most of the trading activity. Raydium represented approximately 70% of Solana’s tokenized commodities volume during one reported week, making it the network’s dominant venue for these assets.

Across the broader spot decentralized exchange market for tokenized commodities, Solana’s share fluctuated between 28% and 36% during the period. At certain points, the network surpassed Robinhood Chain on that measure, highlighting Solana’s growing role in the trading layer for commodity-backed tokens.

The figures should be viewed in context. Ethereum still controls approximately 95% of the overall tokenized commodities market. That measure covers the broader market, while Solana’s share refers specifically to spot DEX trading volume, so the two statistics describe different parts of the ecosystem.

What This Means

Solana’s record supply points to expanding real-world asset activity on the network, particularly for digitally represented gold and silver. The $91.1 million weekly volume peak also shows that trading activity can exceed the value of assets held on-chain, indicating a comparatively high turnover market.

However, the market remains small and concentrated. Raydium’s roughly 70% share creates venue-dependence, while the movement from $50.5 million to $45.6 million and then $63.2 million underscores how quickly supply can change. Continued growth will depend on deeper liquidity, broader venue participation, and sustained demand for commodity-backed assets within Solana’s DeFi ecosystem.