Tokenized gold is spearheading the growth of real-world assets (RWAs) on the blockchain, with total value locked (TVL) surging from $1 billion to over $4 billion in 2025. According to DefiLlama, major contributors to this growth include Paxos and Tether, with smaller entities like MatrixDock also playing a role. The sector experienced two significant surges in the fourth quarter, driven by fresh inflows and the launch of new tokens. The expansion of the RWA ecosystem is attributed to the benefits of 24/7 market access, fractional ownership, and the use of gold as collateral in decentralized finance (DeFi). Gold's status as a well-known asset is facilitating the adoption of RWAs. However, challenges such as custody, audits, and regulatory compliance persist. As TVL continues to rise, tokenized gold is solidifying its position as a key asset in the on-chain landscape.