Executives from Paxos Labs, Theo, and Energy Substantiation indicate that the tokenized commodities market is expanding beyond gold, with new growth drivers emerging from lending against physical assets and the energy sector. According to CoinGecko, the market capitalization of tokenized commodities grew from $1.43 billion at the start of 2025 to $5.55 billion by the end of March 2026, with gold-backed tokens accounting for nearly 90% of this growth. Paxos Labs is focusing on lending, with its PAXGy token allowing institutional borrowers to deploy reserves and potentially increase gold holdings for token holders. Theo offers thSLVR, which passes income from institutional silver leases to holders. Energy Substantiation (EnSub) expanded its WTIC token, representing one barrel of West Texas Intermediate (WTI) crude, from Ethereum to Solana on October 2. It plans to develop natural gas and Brent tokens. Executives project the market could reach tens of billions within five years and exceed $100 billion within a decade.