Wintermute launches institutional OTC trading for tokenized gold

Crypto market maker Wintermute has launched institutional over-the-counter (OTC) trading for the tokenized gold products Pax Gold (PAXG) and Tether Gold (XAUT). According to The Block, Wintermute will enable institutional investors to trade PAXG and XAUT against USDT, USDC, fiat currencies, and other major crypto assets. Wintermute CEO Evgeny Gaevoy explained that the price of gold has hit an all-time high amid macroeconomic uncertainty and de-dollarization discussions, leading to increased demand. He added that as institutional adoption accelerates, the tokenized gold market is expected to reach $15 billion by 2026.