
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.

Tokenized commodities topping $5 billion marks a structural shift: on-chain commodity exposure is moving from niche experiments to an institutional-sized market. This article breaks down growth drivers, differences between tokenized gold products (PAXG vs XAUT vs tokenized ETFs), custody and compliance trade-offs, and trading/arbitrage opportunities across ETH, Polygon and the XRP Ledger.