What Is Wintermute Adding to Its OTC Desk?
Crypto market maker Wintermute has launched institutional over-the-counter trading for gold-backed tokens Pax Gold (PAXG) and Tether Gold (XAUT), expanding its OTC desk into tokenized commodities.
The firm said it will provide algorithmically optimized spot execution for institutional counterparties seeking gold exposure through blockchain-based settlement. Trading will be available against USDT, USDC, fiat currencies, and major crypto assets, allowing counterparties to hedge or reallocate collateral in real time.
PAXG and XAUT are the two largest gold-backed tokens by market capitalization. Both represent claims on physical gold reserves while trading on public blockchains, offering continuous liquidity outside traditional market hours.
Investor Takeaway
Why Is Tokenized Gold Gaining Traction?
Wintermute said tokenized gold trading volume reached $126 billion in the fourth quarter of 2025, surpassing five major gold ETFs over the same period. Onchain gold market capitalization has risen more than 80% in three months, climbing from $2.99 billion to $5.4 billion.
Unlike ETFs, which trade during exchange hours and settle through traditional clearing systems, tokenized gold settles onchain and can be transferred at any time. Holders can move tokens between wallets, deploy them as collateral in decentralized finance protocols, or trade them against stablecoins and crypto assets without waiting for market open.
The increase in volume comes as gold trades near record highs amid macro uncertainty and renewed discussion around reserve diversification and de-dollarization. Digital wrappers around bullion are drawing interest from investors seeking round-the-clock access and faster settlement.
We’re watching gold undergo the same infrastructure evolution that turned foreign exchange into the world’s largest market,” Wintermute CEO Evgeny Gaevoy said in a statement. “Gold is now following that playbook, and we expect the tokenized gold market to reach $15 billion in 2026 as institutional adoption accelerates.”
How Does This Fit Into the Broader RWA Trend?
Tokenized gold is part of a wider expansion in tokenized real-world assets. Public-market RWAs have tripled in 2025 to roughly $16.7 billion, according to prior reporting. Research from ARK Invest projects tokenized assets could exceed $11 trillion by 2030, while Standard Chartered has forecast tokenized RWAs reaching $2 trillion by 2028.
Large asset managers have also highlighted tokenization as a structural development for capital markets, pointing to faster settlement cycles and programmable ownership as long-term drivers.
Within that context, gold-backed tokens serve as a bridge between traditional safe-haven assets and blockchain infrastructure. They offer exposure to a familiar asset class while operating inside crypto-native liquidity pools.
Investor Takeaway
What Comes Next for Tokenized Commodities?
Wintermute’s entry into tokenized gold OTC trading adds institutional depth to a segment that has largely grown through exchange-based flows. Dedicated OTC liquidity may appeal to pension funds, hedge funds, and asset managers seeking size execution without public order book impact.
While broader crypto markets remain subdued, activity in tokenized commodities suggests demand for blockchain-based exposure to traditional assets persists. Whether tokenized gold reaches the projected $15 billion market size in 2026 will depend on sustained institutional participation and continued integration into collateral and treasury workflows.
