Wintermute has launched OTC trading for gold-backed tokens PAXG and XAUT, enhancing access for institutional clients.
Wintermute, a leading market maker, has expanded its OTC trading platform to include Pax Gold (PAXG) and Tether Gold (XAUT), allowing institutional clients to trade tokenized assets backed by physical gold.
Clients can settle transactions in various forms, including cryptocurrencies, stablecoins, and fiat currencies, enhancing flexibility in trading.
In addition, Wintermute is launching algorithmic execution for spot orders, enabling quick position management and improved liquidity and risk management.
This move capitalizes on the growing interest in tokenized gold, which allows for fractional ownership without the hassles of physical storage and transportation. The current market cap for gold tokens has reached $5.3 billion, marking an impressive 80% growth over the past three months. Trading volume for the fourth quarter of 2025 surpassed $126 billion, outpacing several prominent gold ETFs.
Specifically, the market capitalization of Tether Gold (XAUT) is $2.5 billion, while Pax Gold (PAXG) stands at $2.2 billion.
“Gold is undergoing the same infrastructural evolution that transformed Forex into the largest global market. We expect the tokenized metal market to reach $15 billion by 2026,” stated Wintermute CEO Evgeny Gaevoy.
Additionally, Tether has reported increasing its gold reserves to 148 tons as of January 31.
