Wintermute Launches OTC Trading for Tokenized Gold

Wintermute adds tokenized gold to OTC platform.

Market maker Wintermute has introduced support for Pax Gold (PAXG) and Tether Gold (XAUT) tokens on its OTC platform. Institutional clients now have access to instruments backed by physical gold.

Transactions can be settled in cryptocurrencies, stablecoins, and fiat currencies.

As part of the launch, Wintermute offered clients algorithmic execution of spot orders. This mechanism ensures instant opening and closing of positions, simplifying liquidity management and risk hedging.

Tokenized assets allow ownership of fractional parts of precious metals without the costs of storing and transporting bars.

At the time of writing, the market capitalization of “gold” tokens reached $5.3 billion. This figure has grown by 80% in just three months. Trading volume in the fourth quarter of 2025 exceeded $126 billion, surpassing the turnover of several major gold ETFs.

The capitalization of XAUT stands at $2.5 billion, while PAXG is at $2.2 billion.

“Gold is undergoing the same infrastructural evolution that turned Forex into the world’s largest market. We expect the tokenized metal market to reach $15 billion by 2026,” said Wintermute CEO Evgeny Gaevoy.

Earlier, by January 31, Tether increased its gold reserves to 148 tonnes.