Market maker Wintermute has launched an OTC gold token service for institutional clients. Portfolio managers and funds can now invest directly in gold-backed tokens on blockchain infrastructure, bypassing traditional exchange-traded funds (ETFs). Unlike classic gold ETFs limited to stock market hours, the service offers 24/7 blockchain settlement, delivering immediacy and flexibility previously out of reach for conventional gold trading.
Tokenized Gold Surges, Volumes Top Top-5 ETFs
The market value of blockchain-based gold tokens has grown remarkably. Cumulative capitalization surged from approximately $2.99 billion to $5.4 billion over the past quarter. In Q4 2025, trading volumes hit $126 billion, surpassing that of the top five gold ETFs during the same period—a clear indicator of shifting investor preferences toward blockchain-powered alternatives.
Pax Gold and Tether Gold currently dominate, accounting for about 96.7% of all tokenized gold assets. Wintermute leadership expects continued robust expansion over the next several years, given technological advantages and surging institutional interest.
CEO Sees $15 Billion Market by End-2026
Founder and CEO Evgeny Gaevoy underscores growing institutional embrace of digital assets amid ongoing macroeconomic uncertainty. He expects the tokenized gold sector to approach a market size of $15 billion by the end of 2026, signaling strong confidence in the asset class's trajectory.
Real-World Asset Tokenization Wave: Tenbin Labs Raises $7M
Rising institutional enthusiasm for tokenized physical assets reflects a broader trend: real-world assets (RWA) moving onto blockchains. Earlier this year, Tenbin Labs secured a $7 million investment round, with participation from Wintermute Ventures, to support multi-chain gold token products.
Market reports indicate that after a wave of high-leverage liquidations in October, retail investors gravitated toward more liquid and stable assets, dialing back risk appetite. During this period, Wintermute observed that retail crypto users redirected attention primarily to Bitcoin and Ethereum, the sector's most established assets.
As a prominent global digital market player, Wintermute aims to bridge traditional financial institutions and blockchain innovations through this institutional-grade product. The initiative highlights the potential of gold-backed tokens and serves as a case study for the continued advancement of asset tokenization within mainstream finance.