Wintermute has launched institutional tokenized gold trading, opening its over‑the‑counter desk to large investors seeking onchain gold exposure. The launch gives institutions a direct way to access gold‑backed tokens through Wintermute’s existing OTC infrastructure.
This move marks Wintermute’s formal entry into the tokenized commodities market for professional and institutional clients. It comes at a time when demand for asset‑backed tokens continues to rise among investors globally.
What Wintermute Is Offering Institutions
Wintermute’s OTC desk now allows institutional clients to trade Pax Gold and Tether Gold, two popular gold-backed coins. Both PAXG and XAUT represent ownership claims on real gold stored in vaults, but they are moving as tokens on public blockchains.
Institutions can carry out large block trades of these tokens against fiat currencies, top crypto assets, and major stablecoins. They can use stablecoins like USDT and USDC to size and settle these large transactions efficiently.
This arrangement prevents order‑book slippage that often appears when big players trade on public exchanges. It also provides a more private avenue for large trades for corporate treasuries, hedge funds, and family offices.
Why Wintermute Is Betting on Tokenized Gold
Wintermute’s CEO, Evgeny Gaevoy, says gold is going through an infrastructure shift similar to the one that transformed foreign exchange into a massive electronic market. He expects the tokenized gold market to reach about $15 billion in 2026, roughly triple its current size.
Tokenized gold trading volume reached $126 billion in Q4 2025, surpassing for the first time the combined volume of many leading gold ETFs, according to data. As investors looked for round-the-clock liquidity and immediate settlement, the market capitalization of onchain gold increased by more than 80% during that quarter, from about $2.99 billion to $5.4 billion.
Through the new service, Wintermute offers algorithmically optimized spot execution for institutions that want to access gold with blockchain settlement. Clients can open, adjust, or close positions quickly and move collateral between markets in real time.
Investors trade tokens that track vaulted gold and settle onchain continuously instead of transporting bars or handling conventional custody. Currently managing over $2 billion in daily cryptocurrency trading volume, Wintermute now allocates a portion of its liquidity to digital assets backed by gold.
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