Last updated on March 8th, 2026 at 06:52 pm
Leading digital asset market maker Wintermute has launched an institutional over-the-counter (OTC) trading desk for tokenized gold, providing professional investors with algorithmically optimized execution for Pax Gold ($PAXG) and Tether Gold ($XAUT).
The move allows hedge funds and corporate treasuries to gain exposure to physical bullion through blockchain-based settlement rails, bypassing the limitations of traditional gold ETFs and public order books.
🚨 JUST IN: Wintermute launches institutional tokenized gold trading
Firm expects the market to hit $15B by 2026
Institutions are getting super bullish on RWAs 🔥 pic.twitter.com/ztWacYY2ct
— Real World Asset Watchlist (@RWAwatchlist_) February 16, 2026
Wintermute CEO Evgeny Gaevoy also forecasts that the gold token market will grow almost three times to reach $15 billion by the end of 2026, as there is a clear convergence of macroeconomic uncertainty and the rapid adoption of institutional digital assets.
Market cap of on-chain gold surges 80%
The new development comes at a time when the digital commodities market has experienced explosive growth. It has been found that the on-chain market capitalization of gold tokens has surged over 80% in the last three months alone, from $2.99 billion to around $5.4 billion.
Additionally, the trading volume of gold tokens in the fourth quarter of 2025 was $126 billion, which is surprisingly higher than that of the five largest gold ETFs in the same period. Unlike gold ETFs, which trade only during exchange hours, gold tokens offer 24/7 liquidity and instant on-chain settlement.
Institutional shift toward real-world assets
The rise of tokenized bullion is part of a broader trend involving real-world assets (RWAs). While Wintermute focuses on $PAXG and $XAUT, which currently control approximately 96.7% of the market, other players are also entering the space. Earlier this year, Tenbin Labs secured $7 million in funding, with participation from Wintermute Ventures, to launch multi-chain tokenized gold products.
According to Wintermute, retail crypto traders quickly shifted their focus back to Bitcoin and Ether after a large liquidation event in October, abandoning their pursuit of an altcoin season as their appetite for risk diminished.
The market-making firm’s Digital Asset OTC Market 2025 report indicates that the October 10 leverage wipeout served as a crucial turning point in retail trading behaviour, hastening a move toward more liquid and stable assets.
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