Tokenized products look beyond gold as financing and oil open brand-new markets
Paxos Labs, Theo and Energy Substantiation officers see development originating from 
putting physical possessions to work, with rare-earth elements leading and energy providing a harder test.
Oct 10, 2026, 8:00 a.m. EDT
- Gold and silver loaning might broaden tokenization beyond merely tracking product costs.
- EnSub is establishing gas and Brent tokens along with its physically backed oil item.
- Executives see significant development ahead, though custody, logistics and customer danger stay obstacles.
Tokenized products might grow from a market controlled by gold into a more comprehensive system for funding metals, trading energy and loaning versus physical possessions, according to executives at Paxos Labs, Theo and Energy Substantiation.
Putting products on blockchain networks must do more than make them much easier to purchase, the executives state. It might link financiers looking for direct exposure and earnings with companies that require stock funding, free market typically booked for big organizations.
The beginning point stays modest. Tokenized products’ market capitalization reached $5.55 billion at the end of March 2026, up from $1.43 billion at the start of 2025, according to CoinGecko. Gold-backed tokens from Paxos and Tether represented nearly 90% of that development.
Tokenized products are blockchain-based tokens that represent ownership of, or direct exposure to, physical properties such as gold, silver and oil.
Gold loaning
Paxos Labs is wagering that financing can open the next phase.
Its PAXGy token is backed by PAX Gold PAXG$ 4,183.87with reserves released to institutional customers. Each token is created to end up being redeemable for more PAXG as hidden loaning rates are repaid in ounce terms, enabling holders to possibly increase their gold holdings while maintaining rate direct exposure.
“The huge proposal is gain access to,” co-founder Bhau Kotecha informed CoinDesk in an interview. Gold loaning has actually traditionally needed scale and relationships not available to lots of financiers, he stated.
Kotecha sees need from people, household workplaces and organizations, with loaning versus PAXGy a possible next action. Loaning returns are not ensured, and debtor defaults might wear down the token’s worth.
Silver uses another path into that funding market. Theo’s thSLVR item passes earnings from institutional silver rents to holders while keeping direct exposure to the metal’s cost.
Theo Chief Investment Officer Iggy Ioppe sees development originating from existing product owners and users: organizations looking for efficient security, refiners funding stock and business treasuries looking for possessions that settle rapidly.
Silver is “the natural 2nd” after gold, he stated, pointing out commercial need and a recognized leasing market, although higher volatility and a tighter supply of offered metal make complex the chance.
Ioppe projections a tokenized products market worth 10s of billions within 5 years and more than $100 billion within a years. Within 15 years, he anticipates tokenization to enter into normal product settlement and funding.
The oil test
Oil provides a bigger logistical obstacle, and, in EnSub’s view, a considerable chance.
The business broadened its WTIC token from Ethereum to Solana on Oct. 2. Each token represents one barrel of West Texas Intermediate (WTI) unrefined backed by validated physical stock, according to its statement.
Co-founder and CEO JP Thieriot stated gas and Brent tokens are under advancement. He anticipates need from energy purchasers hedging expenses, financiers looking for direct exposure and providers requiring working capital, forecasting oil tokens might represent a quarter of the oil market within 10 years.
The executives vary on how rapidly energy can follow metals. Ioppe argued that storage and transportation make income-generating energy tokens more difficult to construct. Thieriot stated “proven stock, convenient custody and settlement” are necessary for products continually in movement.
Growth will for that reason depend upon linking tokens to dependable physical markets, and offering owners an engaging factor to utilize them.
Find out more: Blockchain financing platform Theo releases tokenized silver backed by $40 million in active leases
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