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Wintermute Enters Tokenized Gold Market with OTC Trading for Pax Gold and Tether Gold

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Crypto market maker Wintermute has launched institutional over-the-counter trading for gold-backed digital tokens Pax Gold and Tether Gold.

The firm's OTC desk will offer algorithmically optimized spot trading for institutional counterparties seeking gold exposure through blockchain-based settlement, allowing them to trade against USDT, USDC, fiat currencies, and major crypto assets.

Tokenized gold trading volume has surpassed that of five major gold ETFs for the first time, reaching $126 billion in the fourth quarter of 2025 alone, with market capitalization for on-chain gold climbing more than 80% in three months to $5.4 billion.

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