Tokenised gold tops $126bn in quarterly trading as Wintermute opens institutional desk

Wintermute has launched over-the-counter trading in Pax Gold and Tether Gold, bringing institutional clients another route to blockchain-based gold exposure. The move comes as tokenised gold trading reached $126bn in the fourth quarter of 2025, according to the market maker, while the sector’s on-chain value rose sharply amid demand for round-the-clock liquidity and settlement.

Key takeaways

The figures point to a fast-growing market, but trading volume, token value and the risks of holding a digital claim on gold are distinct considerations.

  • Wintermute’s institutional desk will trade Pax Gold (PAXG) and Tether Gold (XAUT).
  • The firm puts fourth-quarter 2025 tokenised-gold trading volume at $126bn.
  • On-chain gold market capitalisation climbed from $2.99bn to $5.4bn over three months, according to Wintermute.
  • Wintermute’s chief executive forecast the market could reach $15bn in 2026; this is a projection, not a confirmed outcome.

What Wintermute’s launch offers

The desk is designed for institutional counterparties and will support spot trading in PAXG and XAUT against USDT, USDC, fiat currencies and major crypto assets. Wintermute says its algorithmically optimised execution is intended to help clients trade, hedge and move collateral across markets.

Unlike exchange-traded funds, tokenised gold can settle on a blockchain and may be used as collateral in some decentralised finance applications. That flexibility comes with different checks: traders should understand the token issuer’s custody and redemption arrangements, the venues available to them, and the liquidity and operational risks involved.

Reading the $126bn figure

Wintermute says tokenised-gold trading volume in Q4 2025 exceeded the trading volume of five major gold ETFs for the first time. Volume measures trading activity over a period; it is not the same as the market capitalisation of tokens in circulation. The latter, according to the firm, increased by more than 80% in three months to $5.4bn.

The company attributes interest partly to macroeconomic uncertainty and de-dollarisation themes, alongside access to markets beyond traditional trading hours. Its $15bn estimate for 2026 implies substantial further expansion, but remains a forecast. Wider tokenisation forecasts for real-world assets likewise do not guarantee demand for any particular gold token.

What traders should check

A digital gold token is not interchangeable with a gold ETF or directly held bullion. Before trading, check how the token is backed, what redemption requires, where it can be traded and how settlement works. Continuous availability can also mean prices and liquidity change outside conventional market hours.

For traders using a prop-firm evaluation, the token itself does not change account rules. Our Classic and Rapid evaluations use a 12% maximum loss, a 5% daily loss limit and a 40% best-day rule. These constraints are separate from token-specific risks; check instrument availability and current terms in the relevant platform and our FAQ.