Wintermute has expanded its institutional offering by launching over‑the‑counter (OTC) trading in tokenized gold, giving professional investors direct access to gold‑backed tokens via its existing OTC desk.

Tokenized gold products on offer

The firm’s OTC desk now supports execution in the two largest gold‑backed tokens by market value, Pax Gold (PAXG) and Tether Gold (XAUT).
Institutions can trade these tokens against a range of assets, including major stablecoins such as USDT and USDC, fiat currencies, and leading altcoins, with settlement available on‑chain or via traditional rails.

Both PAXG and XAUT represent claims on allocated physical gold stored in vaults, while circulating as tokens on public blockchains, giving investors 24/7 transferability and the ability to integrate gold exposure into altcoin‑native strategies and DeFi collateral frameworks.

Why Wintermute is moving into tokenized commodities

Wintermute described the move as a response to growing institutional interest in tokenized commodities, even as the broader altcoin market has faced cyclical downturns.
Market data cited around the launch shows that on‑chain gold products have seen trading volumes surge, with tokenized gold turnover in late 2025 reportedly surpassing that of several major gold ETFs over the same period, underlining strong demand for blockchain‑based safe‑haven exposure.

The firm’s CEO has projected that the tokenized gold market could reach around 15 billion dollars by 2026, implying several‑fold growth from current levels as more institutions seek programmable, 24/7 gold exposure that can also serve as high‑quality collateral in digital markets.

Institutional features of the new OTC desk

Wintermute’s tokenized gold service is explicitly built for professional counterparties and includes:

• Algorithmically optimized spot execution for large block trades in PAXG and XAUT
• Deep bilateral OTC liquidity, reducing slippage versus public order books
• Flexible settlement in stablecoins, fiat, or major altcoins, enabling smoother treasury and collateral management
• The ability to integrate tokenized gold into broader digital asset strategies, including hedging and portfolio diversification

By offering this through its established OTC infrastructure, Wintermute positions itself as a core liquidity provider in the emerging on‑chain commodities segment, bridging traditional gold markets with altcoin‑native settlement and liquidity.

What it means for the altcoin and RWA ecosystem

Wintermute’s launch underscores a broader structural trend: even during altcoin bear phases, real‑world asset (RWA) tokenization and commodity‑backed tokens are gaining traction with institutions looking for transparent, asset‑backed instruments on public chains.

Tokenized gold sits at the intersection of:

• A familiar, time‑tested safe‑haven asset (physical gold)
• The programmability and 24/7 market access of altcoin infrastructure
• Growing institutional comfort with on‑chain settlement and custody

As more desks like Wintermute’s come online, tokenized commodities are likely to become a standard component of institutional altcoin portfolios, offering a way to park capital in lower‑volatility, yield‑ and collateral‑friendly assets without leaving the blockchain ecosystem.