Wintermute Launches Institutional OTC Trading For Tokenized Gold
In Brief
Wintermute is expanding into tokenized gold trading as onchain gold markets surge, institutional demand rises, and blockchain‑based gold exposure gains momentum despite broader crypto weakness.
Crypto market maker Wintermute said it is moving deeper into the tokenized commodities sector, unveiling plans to offer institutional over‑the‑counter trading for gold‑backed digital assets at a time when interest in the category continues to build despite a wider downturn across the crypto market.
The company reported on Monday that its OTC desk will begin providing execution services for Pax Gold (PAXG) and Tether Gold (XAUT), currently the two largest gold‑backed tokens by market value.
According to the announcement, Wintermute aims to deliver algorithmically optimized spot trading for institutional clients seeking gold exposure through blockchain‑based settlement mechanisms.
The move comes as trading activity in tokenized gold surpassed the combined volume of five major gold exchange‑traded funds for the first time, reaching $126 billion in the fourth quarter of 2025, the firm noted.
Onchain Gold Market Cap Jumps 80% As Wintermute Expands Institutional Trading Access
The market capitalization of onchain gold has expanded by more than 80 percent over the past three months, rising from $2.99 billion to $5.4 billion as investors increasingly turn to 24/7 liquidity and instant settlement rather than traditional bullion custody or ETF structures.
Commenting on the development, Wintermute CEO Evgeny Gaevoy said gold is undergoing an infrastructure shift similar to the transformation that reshaped the foreign exchange market, adding that the tokenized gold sector could reach $15 billion in 2026 as institutional participation accelerates.
Tokenized gold represents blockchain‑issued tokens backed by physical gold reserves, enabling round‑the‑clock trading of fractionalized exposure. Unlike ETFs, which operate within standard market hours and rely on conventional settlement systems, tokenized assets settle onchain and can be transferred or deployed as collateral within decentralized finance platforms.
Wintermute said its desk will allow institutions to trade PAXG and XAUT against USDT, USDC, major fiat currencies, and leading crypto assets, supporting real‑time hedging and collateral mobility. The firm added that demand has strengthened as gold trades near record highs amid ongoing macroeconomic uncertainty and continued discussions around de‑dollarization.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
