Wintermute launches institutional tokenized gold trading, expects market to reach $15 billion in 2026

Crypto market maker Wintermute is expanding into tokenized commodities by offering institutional over-the-counter (OTC) trading for Pax Gold (PAXG) and Tether Gold (XAUT), the two largest gold-backed tokens. The firm aims to provide algorithmically optimized spot trading for institutional clients seeking gold exposure via blockchain settlement, noting that tokenized gold trading volume surpassed five major gold ETFs in Q4 2025. Wintermute CEO Evgeny Gaevoy stated that gold is undergoing an infrastructure evolution similar to foreign exchange, and he expects the tokenized gold market to reach $15 billion in 2026 due to accelerating institutional adoption. Tokenized gold offers 24/7 liquidity and instant settlement, contrasting with traditional ETFs. This move is part of a broader trend in tokenized real-world assets (RWAs), with industry projections forecasting significant growth in the tokenization space.

(Source：The Block)