Summary
- Wintermute said it has begun supporting institutional OTC trading in tokenized gold.
- Institutions can exchange PAXG and XAUT for Tether (USDT), USDC, fiat currencies, and major crypto assets.
- Wintermute’s CEO said that with gold prices at record highs and accelerating institutional adoption, the tokenized gold market is expected to reach $15 billion by 2026.
Wintermute, a crypto asset market maker, has begun supporting over-the-counter (OTC) trading for institutions in tokenized gold.
According to crypto-focused media outlet The Block on the 16th (local time), Wintermute will enable institutional investors to trade Pax Gold (PAXG) and Tether Gold (XAUT) via OTC. Institutions can exchange PAXG and XAUT for Tether (USDT), USDC, fiat currencies and major crypto assets.
Wintermute CEO Evgeny Gaevoy said, "Amid macroeconomic uncertainty and de-dollarization debates, gold prices have hit record highs, boosting related demand." He added, "As institutional adoption accelerates, we expect the tokenized gold market to reach $15 billion by 2026."
Tokenized gold is a digital asset issued against physical gold as collateral, and can be traded and transferred on a blockchain.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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