Wintermute Expands Into Tokenized Gold Trading

• Wintermute launched institutional OTC trading for tokenized gold products PAXG and XAUT.
• The firm projects the tokenized gold market could reach $15 billion in 2026.
• Rising RWA adoption signals a broader structural shift in capital markets.

Crypto market maker Wintermute has launched institutional over-the-counter trading for tokenized gold products, signaling growing confidence in blockchain-based commodities.

The firm confirmed that its OTC desk now supports execution in Pax Gold (PAXG) and Tether Gold (XAUT), the two largest gold-backed tokens by market capitalization. The move positions Wintermute to capture rising institutional demand for on-chain exposure to physical gold.

According to the company, its desk will offer algorithmically optimized spot trading for institutional counterparties. Clients can trade PAXG and XAUT against USDT, USDC, fiat currencies, and major crypto assets. This structure allows real-time hedging and flexible collateral management.

The launch comes as tokenized gold trading volumes surged past several major gold ETFs in the fourth quarter of 2025. The sector recorded $126 billion in trading volume during that period alone. Market capitalization for on-chain gold climbed more than 80% in three months, rising from $2.99 billion to $5.4 billion.

Wintermute CEO Evgeny Gaevoy said the firm sees gold undergoing the same infrastructure transformation that reshaped foreign exchange markets. He projected that the tokenized gold market could expand 2.8 times to reach $15 billion in 2026 as institutional adoption accelerates.

This recent industry momentum is part of a larger trend in digital asset infrastructure. As has been pointed out in this coverage of BlackRock’s tokenization growth, the asset management industry is recognizing blockchain infrastructure as long-term capital market infrastructure. Likewise, the increasing regulation of stablecoins mentioned in U.S. crypto policy updates is further evidence of institutional comfort with tokenized assets.

Tokenized Gold Gains Edge Over Traditional ETFs

Tokenized gold refers to blockchain-based tokens that are collateralized by physical gold reserves. These assets can be traded for fractional ownership 24/7 with instant settlement on the blockchain. Unlike ETFs, which are based on conventional market hours and settlement infrastructure, tokenized assets are transmitted through decentralized networks at any time.

This is particularly attractive to institutional investors who want to access liquidity at times other than conventional market hours. It also allows for the integration of decentralized finance infrastructure, where tokenized gold can be used as collateral.

Macroeconomic uncertainty and the de-dollarization trend have driven investors to safe-haven assets. Gold is currently trading close to all-time highs, which has fueled interest in digital assets that offer exposure to commodities combined with the efficiency of blockchain technology.

Wintermute’s decision to expand its business is a testament to its belief that tokenized bullion will see continued institutional inflows.

Tokenized RWAs Drive Structural Market Shift

Tokenized gold is part of a larger real-world asset (RWA) trend. Industry analysts are increasingly predicting large-scale growth in this sector. ARK Invest predicts that tokenized assets will break $11 trillion by 2030. Standard Chartered predicts that tokenized RWAs will reach $2 trillion by 2028. BlackRock executives have also characterized tokenization as a structural shift in capital markets.

Public-market RWAs already tripled in 2025 to approximately $16.7 billion. Platforms tracking the sector, such as RWA.xyz, show rapid increases in on-chain asset issuance and holder participation. Meanwhile, global gold market dynamics tracked by the World Gold Council indicate rising institutional allocation to bullion.

Wintermute aims to bridge these two worlds. Through the integration of the gold stability story and the blockchain settlement infrastructure, the company aims to place tokenized gold on par with institutional-grade collateral.

The company believes that with increased liquidity and regulatory clarity, tokenized commodities will appeal to hedge funds, family offices, and traditional asset managers.

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