Wintermute Expands into Tokenized Gold Trading, Foresees $15 Billion Market by 2026
Wintermute, a prominent crypto market maker, has launched institutional over-the-counter trading for tokenized gold, offering execution for PAX Gold (PAXG) and Tether Gold (XAUT). The move targets institutional investors seeking blockchain-based exposure to gold, with the firm projecting the tokenized gold market could reach $15 billion by 2026.
The tokenized gold market is gaining significant traction, with Q4 2025 trading volume hitting $126 billion—surpassing the combined volume of five major gold ETFs. On-chain gold market capitalization has surged over 80% in three months to $5.4 billion, while tokenized real-world assets (RWAs) tripled in 2025 to approximately $16.7 billion.
Wintermute's algorithmic spot trading services aim to capitalize on this growing demand, positioning the firm at the forefront of institutional adoption for blockchain-based commodity trading.