In a significant advancement in the crypto landscape, Wintermute has unveiled a new institutional over-the-counter (OTC) trading desk specifically for tokenized gold. This step aims to offer institutional investors a more accessible and efficient way to gain exposure to gold through blockchain technology, a notable evolution in both traditional and digital asset trading.
On February 17, 2026, Wintermute announced that the new OTC desk would facilitate trading for two prominent tokenized gold assets: Paxos Gold (PAXG) and Tether Gold (XAUT). These assets currently dominate the gold-backed token market in terms of capitalization. Wintermute has committed to providing its institutional clients with algorithmically optimized trading solutions to enhance their transaction efficiencies.
This expansion comes on the heels of a remarkable increase in the trading volumes of tokenized gold, which soared to $126 billion in the last quarter of 2025, even outpacing the five largest gold exchange-traded funds (ETFs) combined during the same timeframe. Such a rise underscores a shift in investor preferences toward gold-backed digital assets, especially as the market capitalization of on-chain gold jumped more than 80%, reaching $5.4 billion within just three months.
Wintermute’s CEO, Evgeny Gaevoy, emphasized the growing importance of tokenized gold in the global financial ecosystem, suggesting it mirrors the evolution seen in foreign exchange markets. The firm projects that the tokenized gold market could expand to an impressive $15 billion by 2026, signifying a 2.8 times increase from present values.
Tokenized gold offers a revolutionary trading mechanism, where blockchain-backed tokens are directly linked to physical gold reserves. These tokens allow investors to trade fractional holdings and settle transactions 24/7, contrasting sharply with traditional gold ETFs, which are only available during market hours.
Enhanced Trading Capabilities and Market Dynamics
Wintermute’s trading desk enables institutional clients to trade PAXG and XAUT against a variety of currencies including USDT, USDC, and various fiat currencies, thereby facilitating real-time hedging and mobility of collateral. The company reports a surge in demand for such services, driven by gold’s recent trading near historical highs, amidst prevailing macroeconomic uncertainties and narratives around de-dollarization.
Broader Expansion of Tokenized Real-World Assets
The launch of tokenized gold trading is part of a broader trend highlighting the growth of tokenized real-world assets (RWAs). In 2025, the volume of tokenized public-market RWAs tripled to approximately $16.7 billion, indicating an increasing acceptance of blockchain as a viable framework for traditional asset transactions.
Industry experts expect tokenized assets to balloon to $11 trillion by 2030. Moreover, Standard Chartered has speculated that tokenized RWAs may reach $2 trillion by 2028, while firms like BlackRock view tokenization as a fundamental shift in capital markets. The commodities sectors are particularly thriving, with innovative projects like Billiton Diamond and Ctrl Alt successfully tokenizing over $280 million in certified polished diamonds.
In a related move, BlackRock’s BUIDL fund is experiencing significant momentum, boasting over $2 billion in assets under management and planning to launch its tokenized market fund on Uniswap. This initiative will enable institutional players to engage with tokenized markets more directly.
Wintermute’s new institutional trading service for tokenized gold supports a variety of trading pairs, allowing sophisticated market players to leverage the advantages of blockchain settlements while diversifying their exposure to gold. With liquidity and transaction efficiency as key components, Wintermute’s offering positions itself as a competitive force in the evolving landscape of tokenized assets.
