Catenaa, Friday, February 20, 2026-Crypto market maker Wintermute has launched institutional over the counter trading for tokenized gold, offering execution in Pax Gold and Tether Gold as digital bullion volumes surge despite a broader crypto downturn.
The company said Monday its OTC desk will support trading in Pax Gold and Tether Gold, the two largest gold backed tokens by market value.
The service targets institutional counterparties seeking gold exposure through blockchain based settlement.
Wintermute said tokenized gold trading volume reached $126 billion in the fourth quarter of 2025, surpassing five major gold exchange traded funds for the first time.
Onchain gold market capitalization climbed more than 80 percent in three months, rising from $2.99 billion to $5.4 billion.
Chief Executive Evgeny Gaevoy said the firm expects the tokenized gold market to grow to $15 billion in 2026 as institutional adoption increases.
He compared gold’s shift toward digital infrastructure to the evolution of foreign exchange markets.
Tokenized gold consists of blockchain based tokens backed by physical bullion reserves. Unlike traditional ETFs, the tokens trade around the clock and settle onchain.
They can also be transferred or used as collateral in decentralized finance systems.
Wintermute said its desk will allow institutions to trade the tokens against USDT, USDC, fiat currencies and major cryptocurrencies. The firm cited stronger demand as gold trades near record highs amid macroeconomic uncertainty.
