Executives at Paxos Labs, Theo and Energy Substantiation see substantial growth ahead for tokenized commodities, though custody, logistics and borrower risk remain hurdles. CoinGecko puts the market's capitalization at $5.55 billion at the end of March 2026, up from $1.43 billion at the beginning of 2025. Gold-backed tokens from Paxos and Tether accounted for almost 90% of that growth. Paxos Labs is betting that lending can drive the next stage through PAXGy, a token designed to potentially increase holders' gold holdings while retaining price exposure.