Market maker Wintermute has added 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 is offering clients algorithmic execution for spot orders. This mechanism allows for instant opening and closing of positions, simplifying liquidity management and risk hedging.
Tokenized assets enable ownership of fractional parts of the precious metal without the costs associated with storing and transporting bullion.
As of the time of writing, the market capitalization of "gold" tokens has reached $5.3 billion. This figure has increased by 80% in just three months. Trading volume in the fourth quarter of 2025 exceeded $126 billion, surpassing several major gold ETFs in turnover.
The market cap of XAUT stands at $2.5 billion, while PAXG is 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,” said Wintermute CEO Evgeny Gaevoy.
As a reminder, by January 31, Tether had increased its gold reserves to 148 tons.