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Wintermute launched OTC trading for tokenized gold products PAXG and XAUT
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Tokenized gold trading volume reached $126 billion in Q4 2025
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Onchain gold market cap grew over 80% in three months
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Wintermute expects the sector to reach $15 billion in 2026
Gold Moves Onchain
Crypto market maker Wintermute has launched institutional over-the-counter trading for tokenized gold products Pax Gold and Tether Gold.
The expansion comes as tokenized gold trading volume surpassed several major gold ETFs in the fourth quarter of 2025, reaching $126 billion. Market capitalization for onchain gold rose from $2.99 billion to $5.4 billion within three months.
Tokenized gold allows investors to trade fractional gold exposure 24/7 with onchain settlement, offering advantages over traditional ETFs that operate during limited market hours.
Institutional Adoption Accelerates
Wintermute expects tokenized gold to reach a $15 billion market size in 2026. The firm will offer trading pairs against USDT, USDC, fiat currencies, and major crypto assets.
The move reflects a broader trend of tokenizing real-world assets. With gold trading near record highs and macro uncertainty persisting, blockchain-based commodities are becoming a growing part of institutional portfolios.
