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Crypto market maker Wintermute is expanding into tokenized commodities by launching institutional over-the-counter trading for gold-backed digital tokens as the sector gains momentum despite a broader crypto downturn.

The firm announced Monday that its OTC desk will now offer execution in Pax Gold and Tether Gold

the two largest gold-backed tokens by market capitalization.According to a statement shared with The Block, Wintermute intends to provide algorithmically optimized spot trading for institutional counterparties seeking exposure to gold via blockchain-based settlement.

The expansion arrives as tokenized gold trading volume surpassed that of five major gold ETFs for the first time, reaching $126 billion in the fourth quarter of 2025 alone, the firm.

Crypto market maker Wintermute is expanding into tokenized commodities by launching institutional over-the-counter trading for gold-backed digital tokens as the sector gains momentum despite a broader crypto downturn.

The firm announced Monday that its OTC desk will now offer execution in Pax Gold and Tether Gold

the two largest gold-backed tokens by market capitalization.According to a statement shared with The Block, Wintermute intends to provide algorithmically optimized spot trading for institutional counterparties seeking exposure to gold via blockchain-based settlement.

The expansion arrives as tokenized gold trading volume surpassed that of five major gold ETFs for the first time, reaching $126 billion in the fourth quarter of 2025 alone, the firm.