Wintermute Expands Into Tokenized Gold Trading

TheNewsCryptoPublished on 2026-02-17Last updated on 2026-02-17

Abstract

Crypto market maker Wintermute has expanded into institutional over-the-counter trading of tokenized gold, supporting Pax Gold (PAXG) and Tether Gold (XAUT). The move targets growing demand for blockchain-based commodity exposure, offering algorithmic spot trading against stablecoins, fiat, and major cryptocurrencies. This enables real-time hedging and improved collateral management. The launch follows a surge in tokenized gold trading, which exceeded several major gold ETFs in Q4 2025 with $126 billion in volume. Market cap grew over 80% to $5.4 billion. CEO Evgeny Gaevoy projected the market could reach $15 billion in 2026, comparing the shift to the transformation of forex markets. Tokenized gold offers 24/7 trading, instant settlement, and DeFi integration, appealing to institutions seeking liquidity beyond traditional hours. The expansion reflects broader institutional adoption of real-world assets (RWAs), with analysts forecasting multi-trillion growth in tokenized markets by 2030. Wintermute aims to position tokenized gold as institutional-grade collateral.

Crypto market maker Wintermute has launched institutional over-the-counter trading for tokenized gold products, signaling growing confidence in blockchain-based commodities.

The firm confirmed that its OTC desk now supports execution in Pax Gold (PAXG) and Tether Gold (XAUT), the two largest gold-backed tokens by market capitalization. The move positions Wintermute to capture rising institutional demand for on-chain exposure to physical gold.

According to the company, its desk will offer algorithmically optimized spot trading for institutional counterparties. Clients can trade PAXG and XAUT against USDT, USDC, fiat currencies, and major crypto assets. This structure allows real-time hedging and flexible collateral management.

The launch comes as tokenized gold trading volumes surged past several major gold ETFs in the fourth quarter of 2025. The sector recorded $126 billion in trading volume during that period alone. Market capitalization for on-chain gold climbed more than 80% in three months, rising from $2.99 billion to $5.4 billion.

Wintermute CEO Evgeny Gaevoy said the firm sees gold undergoing the same infrastructure transformation that reshaped foreign exchange markets. He projected that the tokenized gold market could expand 2.8 times to reach $15 billion in 2026 as institutional adoption accelerates.

This recent industry momentum is part of a larger trend in digital asset infrastructure. As has been pointed out in this coverage of BlackRock’s tokenization growth, the asset management industry is recognizing blockchain infrastructure as long-term capital market infrastructure. Likewise, the increasing regulation of stablecoins mentioned in U.S. crypto policy updates is further evidence of institutional comfort with tokenized assets.

Tokenized Gold Gains Edge Over Traditional ETFs

Tokenized gold refers to blockchain-based tokens that are collateralized by physical gold reserves. These assets can be traded for fractional ownership 24/7 with instant settlement on the blockchain. Unlike ETFs, which are based on conventional market hours and settlement infrastructure, tokenized assets are transmitted through decentralized networks at any time.

This is particularly attractive to institutional investors who want to access liquidity at times other than conventional market hours. It also allows for the integration of decentralized finance infrastructure, where tokenized gold can be used as collateral.

Macroeconomic uncertainty and the de-dollarization trend have driven investors to safe-haven assets. Gold is currently trading close to all-time highs, which has fueled interest in digital assets that offer exposure to commodities combined with the efficiency of blockchain technology.

Wintermute’s decision to expand its business is a testament to its belief that tokenized bullion will see continued institutional inflows.

Tokenized RWAs Drive Structural Market Shift

Tokenized gold is part of a larger real-world asset (RWA) trend. Industry analysts are increasingly predicting large-scale growth in this sector. ARK Invest predicts that tokenized assets will break $11 trillion by 2030. Standard Chartered predicts that tokenized RWAs will reach $2 trillion by 2028. BlackRock executives have also characterized tokenization as a structural shift in capital markets.

Public-market RWAs already tripled in 2025 to approximately $16.7 billion. Platforms tracking the sector, such as RWA.xyz, show rapid increases in on-chain asset issuance and holder participation. Meanwhile, global gold market dynamics tracked by the World Gold Council indicate rising institutional allocation to bullion.

Wintermute aims to bridge these two worlds. Through the integration of the gold stability story and the blockchain settlement infrastructure, the company aims to place tokenized gold on par with institutional-grade collateral.

The company believes that with increased liquidity and regulatory clarity, tokenized commodities will appeal to hedge funds, family offices, and traditional asset managers.

Highlighted Crypto News:

The Rise of Layer 3: How Application-Specific Layers Are Powering Specialized DeFi Innovation

TagsCrypto AssetsPAXGtokenizationWintermuteXAUt

Related Questions

QWhat are the two main tokenized gold products that Wintermute's OTC desk now supports?

AWintermute's OTC desk now supports Pax Gold (PAXG) and Tether Gold (XAUT).

QAccording to the article, what was the approximate market capitalization growth of on-chain gold in the three months leading up to Q4 2025?

AThe market capitalization for on-chain gold climbed more than 80% in three months, rising from $2.99 billion to $5.4 billion.

QWhat key advantage do tokenized gold assets have over traditional gold ETFs, as mentioned in the article?

ATokenized gold assets can be traded for fractional ownership 24/7 with instant settlement on the blockchain, unlike ETFs which are limited to conventional market hours and settlement infrastructure.

QWhat is the projected size of the tokenized gold market for 2026 according to Wintermute's CEO?

AWintermute CEO Evgeny Gaevoy projected that the tokenized gold market could expand 2.8 times to reach $15 billion in 2026.

QBeyond gold, what larger trend in the digital asset market is tokenized gold a part of?

ATokenized gold is part of the larger real-world asset (RWA) trend, which involves the tokenization of physical and traditional financial assets on the blockchain.

Related Reads

Dan Koe: The Counterintuitive Truth—You Don't Need to Remember Everything You Read

Dan Koe: The Counterintuitive Truth — You Don't Need to Remember Everything You Read The central idea is that deliberately trying to remember information is often misguided. True learning isn't about memorizing facts but about having important knowledge surface naturally when needed through use. Most forgetting is normal, not a failure. The article reframes learning using a control theory framework—a four-step feedback loop: having a clear Goal, accurately Sensing your current state, Comparing the gap, and Acting to close it. Most learning stalls because people only do step 2 (blind input) without a goal to create the necessary "error signal" for focused action. The most effective method is to start with output, not input. Begin a meaningful personal project first, and learn only what's necessary to complete it. This project-driven, "just-in-time" learning ensures knowledge is contextual and retained. The concept of a "Second Brain" often fails because it becomes a digital graveyard—over-collected and under-utilized. The goal should be building a "Second Subconscious"—a dynamic system that proactively surfaces relevant ideas during creation, not a static storage vault. Tools like Obsidian+Claude or Eden can help by automating organization and enabling semantic search, but their value depends on linking knowledge to active projects. Ultimately, what matters is not what you store, but what you filter and internalize. Focus on ideas that shape your worldview, use projects as filters, and transform collected material through writing and sharing. AI should be used to reduce friction in research and editing, not to formulate your core views. In conclusion, remembering is a byproduct, not the goal. Knowledge that sticks comes from pursuing personal goals, applying it in real projects, and digesting it through creation. The tools are merely aids; the crucial step is to start doing meaningful work and let the necessary knowledge find you.

marsbit11m ago

Dan Koe: The Counterintuitive Truth—You Don't Need to Remember Everything You Read

marsbit11m ago

A New Era: The Fundamental Transformation of China's Entrepreneurs

A profound generational shift is underway among Chinese entrepreneurs. The wealth and influence once dominated by real estate and internet giants is now being claimed by a new wave of founders driving breakthroughs in AI, semiconductors, and robotics. This change is vividly reflected in 2026's wealth rankings. Figures like Zhang Yiming (ByteDance), Liang Wenfeng (DeepSeek), Chen Tianshi (Cambricon), and Wang Xingxing (Unitree Robotics) are ascending. Their wealth stems not from traditional business models but from market expectations for future technological competitiveness, with AI, chips, and smart hardware becoming the primary engines of wealth creation. Their common trait is a foundational focus on technology, often starting from the laboratory rather than a business plan. Examples include Chen Tianshi's decade-long push in AI chips, Liang Wenfeng's core algorithmic innovations at DeepSeek with a compact team, and Zhu Yiming's "no salary until profitable" 9-year journey to build Changxin Memory into a global DRAM player. This transition marks a fundamental shift in China's economic imperative: from commercial expansion and learning to indigenous innovation and deep industrial capability. While the previous generation built the foundational market and infrastructure, this new cohort is tasked with achieving global leadership in core technologies, moving China from "keeping pace" to pioneering original, breakthrough innovations that are industrialized at scale. The baton is being passed to those competing on the world stage through technological originality.

marsbit11m ago

A New Era: The Fundamental Transformation of China's Entrepreneurs

marsbit11m ago

Japanese Financial Giant Holding $42 Billion in XRP Explains the Reason for XRP's Price Drop!

A Japanese financial giant, SBI Holdings, which holds $42.2 billion worth of XRP, has attributed the recent price decline of XRP to regulatory uncertainty in the United States. CEO Yoshitaka Kitao stated that investors are cautiously awaiting the outcome of the U.S. Clarity Act, a pivotal cryptocurrency regulation bill currently pending Senate approval. This hesitation, he explained, has exerted downward pressure on the broader crypto market and specifically on XRP's price. Despite the current market weakness, SBI reaffirmed its long-term confidence in XRP, emphasizing its continued status as a strategic asset for the company. The firm's substantial holdings underscore its commitment to the digital asset despite short-term regulatory headwinds.

cryptonews.ru32m ago

Japanese Financial Giant Holding $42 Billion in XRP Explains the Reason for XRP's Price Drop!

cryptonews.ru32m ago

How Fake World Assets and onchain gacha became crypto’s latest craze

The crypto space is buzzing with a new trend called Fake World Assets (FWAs), a gamified onchain "gacha" system. Users pay to spin for a random NFT backed by Ether, with prizes from collections like CryptoPunks and Azuki. Shortly after launch, FWA briefly became Ethereum's top gas consumer, generating $1.53 million in daily fees at its peak. While its Total Value Locked has climbed over $6 million, critics like investor Simon Dedic argue the frenzy is driven more by token incentives than genuine demand, labeling it gambling for "crypto degens." Proponents see it as an innovative fusion of collectibles, speculation, and play. The protocol has two sides: NFT holders provide liquidity to earn fees, while players chase valuable prizes. Analysts compare the appeal to a lottery, offering hope and entertainment. The key question is whether onchain gacha represents a lasting retail use case for crypto or just another short-lived speculative craze. Its longevity will be tested as initial hype and rewards diminish.

cointelegraph42m ago

How Fake World Assets and onchain gacha became crypto’s latest craze

cointelegraph42m ago

Once-Popular Web3 Enters Wave of Layoffs

The once-hot Web3 industry is experiencing a severe wave of layoffs. While many companies attribute job cuts to AI-driven restructuring, the primary reason is often financial pressure. The Web3 sector, at the intersection of tech and finance, has been hit particularly hard. Employees at major cryptocurrency exchanges report sudden, impersonal layoffs—often with system access revoked overnight—and minimal or no severance. Common tactics include setting impossible performance targets or terminating employees for minor policy violations. The working atmosphere has become toxic, marked by intense monitoring, excessive meetings, and management obsessed with control and internal politics rather than product innovation. The industry's core business model is collapsing. Exchange revenue from trading fees and listing charges has plummeted due to a decline in quality projects and retail investor exodus. Events like the massive forced liquidation on October 10th further shattered confidence. Competition from on-chain derivatives platforms and prediction markets is intensifying the downturn. As layoffs continue, displaced workers struggle to find new opportunities. Many transition to the AI sector, but face significant bias from traditional finance and even some AI firms, which view crypto industry experience with suspicion. The current downturn appears more structural than cyclical, driven by unsustainable practices, internal strife, and a failure to innovate, raising questions about the industry's future trajectory.

marsbit1h ago

Once-Popular Web3 Enters Wave of Layoffs

marsbit1h ago

Trading

Spot
活动图片