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Crypto market maker Wintermute has launched institutional over-the-counter (OTC) trading for Pax Gold (PAXG) and Tether Gold (XAUT), two of the largest gold-backed tokens by market capitalization. The firm said the expansion is aimed at professional investors seeking blockchain-based exposure to physical gold.
Wintermute’s new OTC service will provide algorithmically optimized spot execution in PAXG and XAUT for institutional clients. The firm will also act as a liquidity provider across multiple venues, with the goal of tightening spreads and improving price discovery for large-size orders.
The announcement comes as tokenized gold trading volume rises across digital asset markets. In the fourth quarter of 2025, trading volumes in on-chain gold products reached $126 billion, exceeding the combined activity of five major gold exchange-traded funds (ETFs) over the same period.
Wintermute said the broader on-chain gold market has expanded rapidly alongside the volume spike. Over the past three months, the market capitalization of tokenized gold products increased by more than 80%, rising from $2.99 billion to $5.4 billion.
While tokenized gold remains a small share of the global physical gold market, investors are reportedly drawn to 24/7 liquidity and near-instant settlement compared with traditional gold ETFs that trade only during market hours. The article also notes that regulatory frameworks for tokenized commodities continue to evolve, and that institutional participants remain focused on custody standards and counterparty risk.
Wintermute chief executive Evgeny Gaevoy said gold is following a similar infrastructure evolution to foreign exchange over the past two decades. The firm estimates the tokenized gold market could reach $15 billion by 2026, implying roughly a 2.8x increase from current capitalization levels.
Tokenized gold refers to digital tokens issued on a blockchain and backed by physical gold reserves held with custodians. Each token typically represents a fractional claim on a specific quantity of gold, enabling traders to move exposure across venues and wallets with minimal friction.
Unlike conventional ETFs that settle through legacy market infrastructure, these assets settle on-chain. The article says they can be traded 24/7 across centralized exchanges, OTC desks, and decentralized platforms, which may be useful for funds engaged in cross-asset arbitrage, collateral optimization, or intraday risk management.
Wintermute’s institutional desk will support PAXG and XAUT trading against multiple currencies and assets, including USDT, USDC, major fiat currencies, and leading cryptocurrencies. The firm said the service is designed to facilitate real-time hedging, improve collateral mobility, and integrate with digital asset treasury operations.
The article links rising client interest to spot gold prices trading near all-time highs, alongside geopolitical uncertainty, elevated inflation concerns, and ongoing debates around de-dollarization. It also notes that some institutions are exploring tokenized commodities as an alternative collateral layer for derivatives and lending markets, though adoption depends on secondary market liquidity depth, legal clarity on ownership rights, and the strength of custody and audit processes.
Tokenized real-world assets (RWAs) are also expanding. Industry data cited in the article says tokenized public-market RWAs tripled in 2025 to approximately $16.7 billion. ARK Invest research suggests tokenized assets could exceed $11 trillion by 2030, Standard Chartered forecasts tokenized RWAs reaching $2 trillion by 2028, and BlackRock executives have described tokenization as a structural shift for global capital markets rather than a short-term trend.
The article highlights BlackRock’s BUIDL fund as a flagship institutional tokenization project, with assets under management above $2 billion. It also notes that BlackRock disclosed plans to list its tokenized market fund on Uniswap, enabling qualified counterparties to trade directly via a decentralized exchange.
Against this backdrop, Wintermute is positioning itself as a liquidity provider in tokenized commodities by offering institutional OTC execution in PAXG and XAUT against stablecoins, fiat, and major cryptocurrencies. The article frames the launch as part of the convergence between institutional digital-asset infrastructure and traditional commodity markets.
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