Wintermute Launches OTC Trading for Pax Gold and Tether Gold

Wintermute has launched institutional over-the-counter (OTC) trading for Pax Gold and Tether Gold, expanding its services into tokenized commodity markets.

The firm announced that its OTC desk will offer algorithmically optimized spot trading for institutional counterparties seeking exposure to gold through blockchain-based settlement infrastructure. Pax Gold and Tether Gold are currently the two largest tokenized gold products by market capitalization.

According to Wintermute, tokenized gold trading volume exceeded that of five major gold exchange-traded funds (ETFs) for the first time in the fourth quarter of 2025, reaching $126 billion during the period. Market capitalization of on-chain gold increased from $2.99 billion to $5.4 billion over three months, representing growth of more than 80%.

The expansion comes amid rising institutional interest in tokenized real-world assets (RWAs), particularly instruments offering 24/7 liquidity and blockchain settlement. Unlike traditional bullion custody or ETF structures, tokenized gold products settle on-chain and are not restricted by conventional market hours.

Wintermute CEO Evgeny Gaevoy stated that the firm expects the tokenized gold market to reach $15 billion in 2026, citing increasing institutional adoption. He compared the current stage of gold tokenization to earlier infrastructure shifts in foreign exchange markets.

Under the new offering, institutions can trade Pax Gold and Tether Gold against USDT, USDC, fiat currencies, and major crypto assets, enabling real-time hedging and collateral mobility. Wintermute pointed to ongoing macroeconomic uncertainty and diversification trends as supporting demand for gold exposure.

Tokenized gold forms part of the broader RWA segment, which has expanded in 2025. Tokenized public-market RWAs reached approximately $16.7 billion, according to market estimates. Projections from ARK Invest suggest tokenized assets could surpass $11 trillion by 2030, while Standard Chartered forecasts tokenized RWAs reaching $2 trillion by 2028. Executives at BlackRock have previously described tokenization as a structural shift in capital markets infrastructure.

Unlike ETFs, tokenized gold products can also be integrated into decentralized finance systems as collateral, extending their functional use beyond passive investment vehicles. Wintermute’s entry into this segment reflects growing institutional engagement with commodity exposure through blockchain-based infrastructure as tokenized markets continue to develop.