[Wintermute Launches Institutional-Grade Tokenized Gold OTC Trading, Market Size Expected to Reach $15 Billion by 2026] BlockBeats News, February 17: Market maker Wintermute announced the official launch of its institutional-grade tokenized gold trading through its over-the-counter (OTC) business, supporting two major gold-pegged tokens, Pax Gold (PAXG) and Tether Gold (XAUT). Wintermute stated that it will provide institutional clients with algorithm-optimized spot execution services, enabling trading of PAXG and XAUT using USDT, USDC, fiat currencies, and mainstream crypto assets, with real-time on-chain settlement and hedging. Data shows that tokenized gold trading volume reached $126 billion in Q4 2025, surpassing the trading volume of the five largest gold ETFs for the first time during the same period. The market capitalization of on-chain gold has grown by over 80% in the past three months, rising from $2.99 billion to $5.4 billion, reflecting the market's preference for 24/7 liquidity and instant settlement mechanisms. Wintermute CEO Evgeny Gaevoy stated that gold is undergoing an infrastructure upgrade process similar to that of the foreign exchange market. With accelerated institutional adoption, the tokenized gold market size is expected to expand to $15 billion by 2026. Tokenized gold is part of the trend of real-world assets (RWA) being brought on-chain. Several institutions have previously predicted that the on-chain RWA market could reach a trillion-dollar scale in the coming years.