Commodity RWAs tokenize gold, oil exposure, and agricultural products — PAXG and XAUT represent vaulted gold ounces; holders trust custodian reserves match token supply. Commodity exposure on chain splits into two very different models.
Gold-backed tokens suit investors who want a blockchain-native bearer instrument with optional redemption. Synthetic products suit traders seeking leverage or short exposure without touching vault logistics.
Audit reports, custodian reputation, and redemption terms matter more than the token ticker. Due diligence for commodity RWAs is fundamentally a custody and attestation exercise.