Wintermute, one of the leading market makers in cryptocurrency, has unveiled a new over-the-counter (OTC) trading service for institutional investors, focusing on tokenized gold products. This strategic move is designed to offer algorithmically optimized access to popular digital gold assets such as Pax Gold (PAXG) and Tether Gold (XAUT), allowing institutions to seamlessly trade gold-backed tokens.
A New Path for Institutional Gold Trading
Thanks to Wintermute’s OTC platform, institutional portfolio managers and funds can now invest directly in gold-backed tokens on blockchain infrastructure, bypassing traditional exchange-traded funds (ETFs). Unlike classic gold ETFs, which are limited to stock market hours, the tokenized gold service delivers real-time, 24/7 blockchain settlement, offering both immediacy and flexibility previously out of reach for conventional gold trading.
The Rise of Gold Tokens and Shifting Market Dynamics
The market value of blockchain-based gold tokens has seen remarkable growth in recent months. Their cumulative capitalization surged from approximately $2.99 billion to $5.4 billion over the past quarter. In the last quarter of 2025, trading volumes for these tokens hit $126 billion, surpassing that of the top five gold ETFs during the same period—a clear indicator of shifting investor preferences toward blockchain-powered alternatives.
As it stands, Pax Gold and Tether Gold dominate the market, accounting for around 96.7% of all tokenized gold assets. Leadership at Wintermute anticipates that blockchain-based gold markets will continue their robust expansion over the next several years, given both the technological advantages and surging institutional interest.
Insights from Wintermute’s CEO
Evgeny Gaevoy, founder and CEO of Wintermute, underscores the growing institutional embrace of digital assets amidst ongoing macroeconomic uncertainty. He expects the tokenized gold sector to approach a market size of $15 billion by the end of 2026, signaling strong confidence in the asset class’s trajectory.
Evgeny Gaevoy highlights that corporate appetite for gold tokens could trigger rapid growth within the next two years.
Growing Institutional Trend Toward Real-World Assets
Rising institutional enthusiasm for tokenized physical assets reflects a broader industry trend: the migration of real-world assets (RWA) onto blockchains. Wintermute is not alone—other ventures have also joined the fray, developing innovative offerings in this nascent field. Earlier this year, Tenbin Labs secured a $7 million investment round, with participation from Wintermute Ventures, to support their multi-chain gold token products.
Market reports indicate that following a wave of high-leverage liquidations in October, retail investors gravitated toward more liquid and stable assets, dialing back risk appetite. During this period, Wintermute observed that retail crypto users redirected their attention primarily to Bitcoin and Ethereum, the sector’s most established assets.
As a prominent player in global digital markets, Wintermute aims to bridge traditional financial institutions and blockchain innovations through its new institutional-grade products. This initiative not only highlights the potential of gold-backed tokens, but also stands out as a case study for the continued advancement of asset tokenization within mainstream finance.
