| Key Metrics: Market Cap: $5.4B | Q4 2025 Volume: $126B | 2026 Projection: $15B (Source: Wintermute, rwa.xyz, Feb 2026) |
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Context
The launch marks a significant expansion of institutional access to tokenized commodities. Tokenized gold trading volume hit $126 billion in Q4 2025, surpassing the combined volume of several major gold ETFs for the first time. The market capitalization of tokenized gold products has climbed more than 80% over the past three months, rising from $2.99 billion to $5.4 billion.
Wintermute currently manages over $2 billion in daily crypto trading volume. The firm is now allocating a portion of its liquidity to gold-backed digital assets through its OTC desk.
How It Works
Wintermute's OTC desk enables institutions to trade Pax Gold (PAXG) and Tether Gold (XAUT) against multiple trading pairs including USDT, USDC, fiat currencies, and major cryptocurrencies. The service offers algorithmically optimized spot execution with blockchain settlement.
Clients can open, adjust, or close positions quickly and move collateral between markets in real time. Both PAXG and XAUT are backed 1:1 by physical gold held in secure vaults, with each token representing one troy ounce of gold.
"Gold is experiencing an infrastructure transformation comparable to what happened with foreign exchange markets becoming electronic," said Evgeny Gaevoy, CEO of Wintermute.
What This Means for Investors
- Institutional-grade liquidity now available for tokenized gold products
- 24/7 trading and settlement compared to traditional gold markets
- Real-time collateral mobility between crypto and commodity positions
- Access to gold exposure without physical custody requirements
Risk Considerations: Tokenized commodities carry counterparty risk related to the custodian holding underlying physical assets. PAXG is regulated by NYDFS; XAUT operates under different regulatory frameworks. Verify reserve attestations and redemption mechanisms before investing.
This article is based on public announcements from Wintermute and market data from rwa.xyz. No investment advice is provided.
Data: rwa.xyz, Wintermute, Bankless Times (Feb 2026)
About Wintermute
Wintermute is a global algorithmic trading firm founded in 2017, providing liquidity across centralized and decentralized crypto markets. The firm handles over $2 billion in daily trading volume and operates one of the largest OTC desks in digital assets. More at wintermute.com.