Wintermute has expanded its OTC desk to include institutional trading in tokenized gold, adding support for Pax Gold (PAXG) and Tether Gold (XAUt).
The move positions the global algorithmic trading firm deeper into the growing real-world asset (RWA) sector — at a time when tokenized gold is beginning to outperform traditional exchange-traded gold vehicles in trading activity.
Tokenized Gold Volume Surpasses Major ETFs
According to company data, trading volume in tokenized gold exceeded that of the five largest gold ETFs for the first time, reaching $126 billion in Q4 2025 alone. The milestone highlights a structural shift in how investors are accessing exposure to bullion. Market capitalization in the tokenized gold sector has also surged sharply — climbing more than 80% within three months, from $2.99 billion to $5.4 billion.
Wintermute CEO Evgeny Gaevoy projects continued acceleration, suggesting the segment could nearly triple in size by 2026, potentially reaching $15 billion in market capitalization.
Why Institutions Are Rotating Into Digital Gold
The expansion comes amid growing institutional demand for transparent, stable, and operationally efficient assets.
Tokenized gold offers several structural advantages compared to physical bullion or ETF wrappers:
– 24/7 trading access
– Near-instant settlement
– On-chain transparency
– Simplified custody
As gold recently printed new all-time highs amid de-dollarization narratives and macro uncertainty, capital appears to be rotating into digitally native gold exposure.
At the same time, parts of the crypto market — including Bitcoin and major altcoins — have experienced price retracements and declining speculative momentum, prompting some investors to rebalance toward lower-volatility, yield-neutral assets.
Who Is Wintermute?
Founded in 2017 by Evgeny Gaevoy, Wintermute is one of the largest liquidity providers in digital assets. The firm operates as a global algorithmic trading company and market maker, supporting liquidity across more than 50 centralized and decentralized trading venues.
The company frequently handles multi-billion-dollar daily volumes and is widely recognized for its high-frequency trading infrastructure and deep involvement in emerging digital asset markets.
With tokenized gold now integrated into its institutional OTC desk, Wintermute is signaling that RWAs — particularly blockchain-based commodities — are transitioning from niche instruments to core portfolio components.