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Wintermute Launches Institution-Grade Tokenized Gold OTC Trading, Expects $15 Billion Market Size by 2026

2026.02.17 09:34:21

Feb 17 – Market maker Wintermute has officially launched its over-the-counter (OTC) business for institutional-grade tokenized gold trading, supporting the two leading gold-backed tokens: Pax Gold (PAXG) and Tether Gold (XAUT). Wintermute noted it will offer algorithmically optimized spot execution services to institutional clients, enabling trading of PAXG and XAUT against USDT, USDC, fiat currencies, and major cryptocurrencies—with on-chain real-time settlement and hedging capabilities. Data indicates tokenized gold trading volume hit $126 billion in Q4 2025, surpassing the top five gold ETFs’ trading volume for the first time in the same period. The on-chain gold market cap has jumped over 80% in the past three months, from $2.99 billion to $5.4 billion, reflecting market demand for 24/7 liquidity and instant settlement. Wintermute CEO Evgeny Gaevoy said gold is undergoing an infrastructure upgrade similar to the forex market. With accelerating institutional adoption, the tokenized gold market is projected to hit $15 billion in 2026. Tokenized gold aligns with the trend of real-world assets (RWA) moving onto blockchains, and several institutions have previously forecast on-chain RWA could reach the trillion-dollar mark in the coming years.
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