Wintermute Launches Tokenized Gold Trading, Projects $15 Billion Market by 2026

TLDR

• Wintermute launched institutional OTC trading for tokenized gold tokens PAXG and XAUT
• The company projects the tokenized gold market will reach $15 billion by 2026
• Tokenized gold trading volume hit $126 billion in Q4 2025, surpassing five major gold ETFs
• On-chain gold market cap grew over 80% in three months to $5.4 billion
• Tokenized public-market RWAs tripled in 2025 to approximately $16.7 billion

Crypto market maker Wintermute has expanded its services to include institutional over-the-counter trading for tokenized gold. The firm announced the new service on Monday, targeting institutional investors seeking blockchain-based gold exposure.

The OTC desk will now offer execution for Pax Gold and Tether Gold. These are the two largest gold-backed tokens by market capitalization. Wintermute will provide algorithmically optimized spot trading for institutional clients.

The expansion comes as tokenized gold gains traction in financial markets. Trading volume for tokenized gold reached $126 billion in the fourth quarter of 2025. This exceeded the combined volume of five major gold ETFs during the same period.

The market capitalization for on-chain gold has increased more than 80% over three months. It grew from $2.99 billion to $5.4 billion. Investors appear to favor 24/7 liquidity and instant settlement over traditional gold ETF products.

Wintermute CEO Evgeny Gaevoy stated that gold is following the infrastructure evolution seen in foreign exchange markets. The company expects the tokenized gold market to reach $15 billion in 2026. This projection represents a 2.8x expansion from current levels.

Tokenized gold refers to blockchain-based tokens backed by physical gold reserves. Holders can trade fractionalized exposure around the clock. Unlike traditional ETFs that trade during market hours, tokenized assets settle on-chain.

Trading Capabilities and Market Conditions

Wintermute’s desk will enable institutions to trade PAXG and XAUT against multiple currencies. These include USDT, USDC, fiat currencies, and major crypto assets. The service facilitates real-time hedging and collateral mobility for institutional clients.

The firm reported that demand has strengthened as gold trades near all-time highs. Current market conditions include macro uncertainty and ongoing de-dollarization narratives. These factors have driven increased interest in gold-backed digital assets.

Growth in Tokenized Real-World Assets

The rise in tokenized gold is part of a broader expansion in tokenized real-world assets. Tokenized public-market RWAs tripled in 2025 to roughly $16.7 billion. This growth reflects increasing institutional adoption of blockchain-based traditional assets.

ARK Invest has projected that tokenized assets could surpass $11 trillion by 2030. Standard Chartered forecasts tokenized RWAs reaching $2 trillion by 2028. BlackRock executives have described tokenization as a structural shift for capital markets.

The commodities sector has seen particular growth in tokenization efforts. Earlier this month, Billiton Diamond and Ctrl Alt tokenized over $280 million of certified polished diamonds in the UAE. Silver has also experienced high demand with a market cap of $4.21 trillion.

BlackRock’s BUIDL fund has gained traction with assets under management surpassing $2 billion. The company recently announced plans to launch its tokenized market fund on Uniswap. This will allow institutional traders to trade the token directly.

Wintermute’s new service supports PAXG and XAUT against stablecoins, fiat, and major cryptocurrencies for institutional counterparties seeking gold exposure through blockchain settlement.

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