Institutional Custody

Wintermute’s launch of institutional OTC trading for PAXG and XAUT accelerates tokenized gold’s move from retail curiosity to professional market utility. This article dissects OTC structure, custody and settlement mechanics, TAM considerations, regulatory frictions, and practical steps for treasury and asset managers.

Tether’s Scudo (a new XAUT denomination) and Jupiter’s JupUSD introduce usability and custody innovations that could reshape settlement rails for tokenized gold and dollar stablecoins. This article explains their mechanics, reserve and custody trade-offs, likely market effects, and the regulatory questions institutional allocators and DeFi product teams should watch.