The tokenized commodities market has surged 53% to over $6.1 billion in less than six weeks, with gold products dominating. Tether Gold’s market cap rose by 51.6% to $3.6 billion, while PAX Gold increased by 33.2% to $2.3 billion. The market has grown 360% year-on-year, surpassing tokenized stocks and funds.

Tether invested $150 million in Gold.com to expand its tokenized gold strategy, integrating XAUt token on the platform. Tokenized gold has seen a significant rise as its spot price hit a new all-time high of $5,600. Meanwhile, Bitcoin has experienced a slump, falling 52.4% from its high but rebounding to $69,050.

Despite Bitcoin’s fall, some industry experts speculate it still behaves like a software stock, not hard money. Grayscale noted Bitcoin’s price action resembles a high-risk growth asset rather than a safe-haven. The rise in tokenized gold and fall in Bitcoin’s price have raised questions about its role as digital gold.

Read more at Cointelegraph: Tokenized Commodities Blows Past $6B on Gold Adoption