Wintermute Expands Into Tokenized Gold Trading, Forecasts $15B Market in 2026

Crypto market maker Wintermute is expanding its offerings for its institutional investors by adding tokenized gold trading on its platform. The firm also went on to project the market would hit $15 million through the course of 2026.

Wintermute Adds Tokenized Gold Trading for Investors

In recent turn of events, the market maker rolled out institutional over-the-counter trading for gold-backed digital tokens as the industry picks up pace. The firm shared yesterday that its OTC trading desk will begin executing trades in Pax Gold and Tether Gold. These are two of the largest gold-backed assets by market cap.

Wintermute plans to offer algorithmically optimal spot trading for institutional counterparties interested in accessing gold through blockchain-based settlement.

“We’re watching gold undergo the same infrastructure evolution that turned foreign exchange into the world’s largest market,” CEO of Wintermute, Evgeny Gaevoy said. “Gold is now following that playbook, and we expect the tokenized gold market to reach $15 billion in 2026 as institutional adoption accelerates.”

This comes as tokenization of commodities appears to be an emerging trend in the thriving RWA market. For instance, at the start of this month, Billiton Diamond and tokenization company Ctrl Alt jointly tokenized more than $280 million of certified polished diamonds in the UAE.

It also comes as the trading volume of tokenized gold exceeded that of the top five gold ETFs, with a volume of $126 billion in the fourth quarter of 2025.

The market cap of on-chain gold has increased by more than 80% in the last three months, from close to $3 billion to approximately $5 billion. This shows that more investors choose 24/7 liquidity and instant settlement over traditional ETFs.

Wintermute’s trading desk will facilitate trading of PAXG and XAUT against USDT, USDC, fiat, and major cryptocurrencies. The company said that demand has increased as gold prices are near all-time highs.

What Top Tokenized RWAs are Investors Buying Today?

This increase in tokenized bullion is a part of the overall expansion in tokenized RWAs. Tokenized public market RWAs have already tripled in 2025 to around $16.7 billion. The crypto-based commodities also reached a break of $4 billion towards the end of last year.

The top commodity that is experiencing growing activity is Gold, as Wintermute explained in their new development. It is worth noting that the Silver commodity has also experienced high demand with its market cap currently at $4.21 trillion as investors continue to rotate their capital from the traditional crypto market.

BlackRock’s BUIDL has also continued to gain traction with its AUM currently surpassing over $2 billion. The company has also recently announced its plans to launch its tokenized market fund on Uniswap where institutional traders will be able to trade the token.

ARK Invest, led by Cathie Wood, has also predicted that tokenized assets may surpass $11 trillion by 2030. Standard Chartered also included its prediction, stating that tokenized RWAs may reach $2 trillion by 2028.