TL;DR
- Wintermute will offer institutional OTC trading of tokenized gold with Pax Gold and Tether Gold, tradable against USDT, USDC, fiat currencies, and cryptocurrencies.
- Its CEO, Evgeny Gaevoy, projects a $15B market in 2026; quarterly volume reached $126B and on-chain capitalization rose to ~$5–5.4B.
- Public RWAs reached $16.7B in 2025; ARK Invest forecasts $11T by 2030 and Standard Chartered estimates $2T by 2028.
The firm Wintermute added institutional OTC trading of tokenized gold to its trading desk. The service enables trading in Pax Gold and Tether Gold, the two largest gold-backed assets by market capitalization. The platform executes algorithmically optimized spot trades for institutional counterparties seeking exposure to the metal through blockchain settlement.
Trades can be conducted against USDT, USDC, fiat currencies, and some of the most important cryptocurrencies in the market. The infrastructure provides real-time hedging, collateral mobility, and continuous trading throughout the day. The Wintermute product becomes part of the offering aimed at institutional investors interested in tokenized commodities.
Wintermute CEO Evgeny Gaevoy stated that the tokenized gold market will reach $15 billion in 2026. His estimate implies roughly a 2.8x expansion compared with the sector’s current size.
Tokenized gold volume reached $126 billion in the fourth quarter of 2025 and surpassed the combined volume of the five largest gold ETFs. On-chain gold capitalization increased more than 80% in three months, from around $3 billion to approximately $5–5.4 billion.
Wintermute Responds to Market Needs and Trends
The growth of tokenized gold has been driven by the expansion and adoption of tokenized real-world assets. Tokenized public-market RWAs tripled during 2025 to about $16.7 billion. Crypto commodities exceeded $4 billion toward the end of the same year.
Wintermute has made a correct interpretation of market needs. Sector projections indicate further expansion ahead. ARK Invest estimates tokenized assets will surpass $11 trillion by 2030, while Standard Chartered projects tokenized RWAs will reach around $2 trillion by 2028.
Meanwhile, BlackRock, the world’s largest asset manager, reported that its tokenized fund BUIDL exceeds $2 billion in assets under management and expects it to be traded on Uniswap by institutional traders in the near term.
According to the latest market data, a troy ounce of gold trades around $5,000 and shows a 2.4% decline. Wintermute aims to capture the strong demand that safe-haven metals are generating across markets and investor types
