Tokenized Gold Trading Tops $126B as Wintermute Enters Market
RWA Signal Insight
CommoditiesThe tokenized gold market has reached a valuation of $1.26 billion, driven by investor demand for 24/7 liquidity and instant blockchain settlement compared to traditional bullion or ETF structures. Wintermute has entered this space, with CEO Evgeny Gaevoy projecting the market will grow to $15 billion by 2026, representing a 2.8x increase. The firm's OTC desk now facilitates trading for Pax Gold and Tether Gold against various fiat, stablecoin, and crypto assets to improve hedging and collateral mobility. This expansion occurs as gold prices trade near all-time highs, fueled by macroeconomic uncertainty and global de-dollarization trends. The broader RWA sector is experiencing rapid growth, with public-market tokenized assets tripling to $16.7 billion in 2025. Institutional interest remains high, supported by long-term forecasts from firms like ARK Invest and Standard Chartered regarding the future of tokenized assets. This shift underscores the transition of traditional capital markets toward blockchain-based infrastructure for enhanced efficiency.
Key points
- Tokenized gold market valuation reached $1.26 billion with 2026 projections hitting $15 billion.
- Wintermute OTC desk now supports Pax Gold and Tether Gold trading against major assets.
- Public-market RWA tokenization tripled in 2025 to reach approximately $16.7 billion.
- Investors favor blockchain settlement over traditional bullion custody for 24/7 liquidity.
Background
Tokenized gold represents physical gold bullion held in secure vaults, with ownership rights represented by digital tokens on a blockchain. Each token is typically backed 1:1 by a specific amount of gold, allowing investors to trade fractional ownership without the logistical burdens of physical storage. These assets bridge the gap between traditional precious metal markets and decentralized finance.