Wintermute adds tokenized gold to institutional OTC desk

Wintermute has rolled out institutional over-the-counter trading for tokenized gold, marking its entry into digital commodities amid rising interest in asset-backed tokens.

The firm said on Feb. 16 that its OTC desk now supports trading in Pax Gold and Tether Gold, the two largest gold-backed tokens by market value. 

The service gives professional investors a way to gain exposure to physical gold through blockchain-based products, while keeping access to crypto-style settlement and liquidity. It comes in response to the increasing demand from institutions for transparent, stable assets that are easy to trade and settle fast. 

Building on-chain access to gold markets

Wintermute will offer institutional clients algorithmically optimized spot execution as part of the new launch. Clients can settle trades in the way that suits them best. Transactions can be completed on-chain using major cryptocurrencies, stablecoins, or traditional fiat currencies.

This setup allows positions to be opened, adjusted, or closed instantly. It also helps move capital smoothly between markets while lowering settlement risk. For trading firms and investment funds, this structure makes it easier to manage liquidity and hedge exposure.

Instead of sticking to traditional choices like exchange-traded funds or buying physical gold bars and coins, more investors are starting to look at tokenized gold. These digital tokens are backed by real gold and allow investors to buy small fractions of it, making gold ownership more accessible. 

They can also be traded easily, giving holders flexibility without the hassle of storing or transporting physical gold. That level of flexibility is hard to achieve in conventional markets.

Industry data shows that the total value of tokenized gold surged to around $5.4 billion by mid-February 2026, an increase of about 80% in just three months. 

Growth outlook and institutional interest

Wintermute chief executive Evgeny Gaevoy said the tokenized gold market could reach $15 billion by the end of 2026, nearly three times its current size. He pointed to rising institutional participation and demand for asset-backed digital products as key factors behind the forecast.

Trading volumes have also increased. During the fourth quarter of 2025, tokenized gold products recorded over $126 billion in turnover, outpacing several major gold ETFs.

According to analysts, 24-hour trading and more transparent pricing are the main factors driving the growth. Prices are shown in real time, and investors are free to buy and sell whenever they want.

Despite the recent crypto market downturn, tokenized gold has remained popular among investors seeking stability and portfolio diversification. Wintermute’s most recent launch indicates a larger trend in the industry toward more reputable, institution-focused services.