Wintermute Introduces Tokenized Gold for Institutional Clients

Highlights:

• Wintermute has launched tokenized gold options for institutional investors seeking blockchain-based access to gold. 
• The cryptocurrency maker OTC now supports trading in two of the world’s largest gold-backed tokens, including Pax Gold (PAXG) and Tether Gold (XAUT).
• Wintermute’s new setup offers investors settlement options either via traditional payment systems or on-chain, depending on individuals’ choice. 

Wintermute, one of the world’s largest cryptocurrency market makers, has expanded its offerings beyond digital coins by introducing tokenized gold. The company announced the move on February 16, opening new options for institutional investors who want exposure to physical gold through blockchain-based assets. In its announcement, the crypto market maker disclosed that its over-the-counter (OTC) desk now supports trading in the two largest gold-backed tokens by market value. These include Pax Gold (PAXG) and Tether Gold (XAUT). 

Investors will be allowed to trade these gold-backed tokens against Tether (USDT), USD Coin (USDC), fiat currencies, and other major cryptocurrencies. Instead of buying gold bars, coins, or even exchange-traded funds (ETFs), investors can now trade digital tokens that are backed by real gold. These tokens represent ownership of physical gold stored in secured wallets. 

Options for trade settlement could be via traditional payment systems or on-chain, depending on the client’s preference. With this setup, investors will benefit from greater flexibility, enabling them to open, adjust, or close positions at any time. Settlement is faster, with 24-hour trading access. For companies managing large portfolios, the setup also makes it easier to move huge funds and manage risks effectively.

Wintermute LAUNCHES TOKENIZED GOLD OTC DESK

Wintermute has launched institutional over the counter trading for tokenized gold and expects the market to reach $15 billion by 2026, highlighting growing institutional demand for blockchain based commodity exposure. pic.twitter.com/dXidQEQB33

— Crypto Town Hall (@Crypto_TownHall) February 17, 2026

Interest in Gold Continues to Rise

As the crypto market led by Bitcoin (BTC) continues to face persistent declines, gold has emerged as one of the best-performing assets. In just three months, the total market value of on-chain gold surged by over 80%. It is now valued at over $5 billion, highlighting significant capital inflows. In the fourth quarter (Q4) of 2025 alone, tokenized gold saw over $126 billion in trading volume. This figure exceeded the combined volume of the top five gold ETFs during the same period. 

Reacting to the move, Wintermute Chief Executive Officer (CEO) Evgeny Gaevoy said the tokenized gold market’s valuation could hit $15 billion by the end of this year amid rising interest in the asset class. He compared the existing trend to what was seen in the foreign exchange market many years ago. “We’re watching gold undergo the same infrastructure evolution that turned foreign exchange into the world’s largest market,” the CEO stated.

Tokenized Gold Offers Practical Advantages over Physical Gold

Several factors are responsible for the growing interest. These include 24/7 trading access, real-time pricing, faster settlement, easier fractional ownership, and reduced storage concerns compared to physical gold. Moreover, companies are also developing tools that have simplified gold ownership. For example, Tether rolled out Scudo last month. The tool aims to solve the challenges associated with pricing gold in tiny fractions of an ounce. 

Tether CEO stated:

“XAUT makes gold digital, and now with Scudo, we are lowering the barrier to entry so that anyone can own, easily price, and transact even the smallest fraction of the historical world’s most trusted asset.”

Earlier this month, diamond producer Billiton Diamond and tokenization firm Ctrl Alt converted over $280 million worth of certified polished diamonds in the UAE into digital tokens. This shows that interest in tokenizing physical commodities is not limited to gold. Some countries have also announced tokenization plans. In November last year, Crypto2Community reported that Bank Negara Malaysia (BNM) launched a three-year plan to promote asset tokenization. 

On the other hand, Chinese regulators recently placed strong restrictions on crypto-related entities, including the tokenization of real-world assets. In a public notice, officials described tokenization as an illegal practice that entails converting ownership or income rights into tradable tokens. 

🚨 WINTERMUTE LAUNCHES INSTITUTIONAL TOKENIZED GOLD TRADING

Breaking into the rapidly expanding tokenized gold market, major crypto market maker @wintermute_t has announced the launch of institutional trading services for digital gold assets.

The move comes as the tokenized… pic.twitter.com/V98c8u9Ioa

— BSCN (@BSCNews) February 16, 2026

Why This Matters

Wintermute’s move into tokenized gold highlights how quickly traditional assets are being integrated into the crypto market. Many investors no longer consider digital assets as being different from gold or other physical stores of value because tokenization has simplified ownership of these assets. Moreover, in its outlook for the year, Coinbase highlighted tokenization, stablecoins, and ETFs as potential drivers for crypto adoption in 2026.