Tokenized gold is becoming more popular, especially with the extension of services by crypto market maker Wintermute to institutional clients. The company has started over-the-counter trading in gold-backed tokens. The gold token market is predicted to grow to $15 billion by 2026, according to the company’s executives.
Wintermute has confirmed the launch of its over-the-counter platform to trade in Pax Gold and Tether Gold. These are two of the largest gold-backed tokens by market capitalization. The platform will offer algorithmically optimized spot executions. The transactions will be settled on blockchain technology.
According to the company’s Chief Executive Officer, Evgeny Gaevoy, the gold market is going through a structural shift. The modernization of the foreign exchange market to explain the change in the gold market.
Tokenized Gold Demand Accelerates
Gaevoy said the gold market is changing rapidly, and this trend will continue in the coming two years with the increased number of institutions taking part in the market.
Data indicates the gold token market is growing rapidly. The trading volume in the fourth quarter of 2025 is $126 billion. The figure is higher than the total of the top five gold ETFs in the same period.
Source: Wintermute
The data indicates the growing interest in the tokenized gold token market and the use of blockchain technology in settling transactions.
The market capitalization of tokenized gold on the blockchain has also increased rapidly. The figure has risen from close to $3 billion to $5 billion in the last three months.
The figure represents an increase of more than 80%. The change is attributed to the need to have continuous liquidity and fast transactions.
According to Wintermute, its platform will be able to support pairs with USDT and USDC. The platform will also be able to accommodate trades with fiat and other prominent cryptocurrencies.
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The company further explained that the demand has increased as the price of gold approaches new records. The institutions are looking for alternative ways to access gold bullion markets.
Tokenized RWA Market Broadens Across Commodities
This development is in line with the growth of tokenized real-world assets. The total value of tokenized public market RWAs has tripled in 2025 to $16.7 billion.
The total capitalization of digital commodities had surpassed $4 billion by the end of last year. The development indicates the increased acceptance of blockchain-based assets.
There have been developments in the tokenization of other commodities as well. Billiton Diamond and Ctrl Alt have successfully tokenized more than $280 million in certified polished diamonds in the United Arab Emirates.
Source: Billiton
The development indicates the diversification of the market from precious metals. The digitization of commodities is widespread, covering different asset classes.
Asset managers are also entering the market, with the BUIDL product from BlackRock, which has surpassed $2 billion in assets under management.
The company has announced its intentions to expand access to the markets using decentralized exchanges. The development indicates the increased participation of institutions in the tokenized markets.
Wintermute has placed its focus on the digitization of gold in the market. Market data indicates the growth in the capitalization and volume of the asset class. The development in the infrastructure of institutions aligns with the increased demand.
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