Wintermute launches institutional OTC trading for tokenized gold
Crypto market maker Wintermute is launching institutional over-the-counter (OTC) trading for tokenized gold, expecting the market to reach $15 billion this year.
Wintermute, a global firm specializing in algorithmic and OTC trading as well as digital asset liquidity provision, is expanding into the tokenized commodities sector by introducing institutional OTC trading for gold-backed digital tokens. The move comes as the segment gains momentum despite a broader slowdown in the cryptocurrency market.
On Monday, the company announced that its OTC desk will now offer execution services for Pax Gold (PAXG) and Tether Gold (XAUT), the two largest gold-backed tokens by market capitalization.
The Block also reports that Wintermute plans to provide algorithmically optimized spot trading for institutional counterparties seeking exposure to gold through blockchain-based settlement.
The move follows a milestone in the fourth quarter of 2025, when tokenized gold trading volume surpassed that of the five largest gold ETFs for the first time, reaching $126 billion.
Gold’s value combined with token convenience
The market capitalization of tokenized gold has surged more than 80% in three months, rising from $2.99 billion to $5.4 billion, as investors increasingly favor 24/7 liquidity and instant settlement over traditional precious metal storage or ETF structures.
“We are seeing gold undergo the same infrastructure evolution that turned the FX market into the largest in the world,” said Wintermute CEO Evgeny Gaevoy, adding that the tokenized gold market could reach $15 billion in 2026 as institutional adoption accelerates.
Wintermute will allow institutional investors to trade PAXG and XAUT against USDT, USDC, fiat currencies, and major crypto assets, enabling real-time hedging and collateral mobility. The company said demand has strengthened as gold trades near historic highs amid persistent macroeconomic uncertainty and de-dollarization expectations.
As we wrote, Tether becomes one of top non-sovereign gold buyers after aggressive accumulation
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