Institutional demand for blockchain-based commodities is accelerating, and Wintermute is moving to capture this momentum with a deeper focus on tokenized gold. Crypto market maker Wintermute has launched institutional over-the-counter trading for Pax Gold (PAXG) and Tether Gold (XAUT) , the two largest gold-backed tokens by market capitalization. The firm announced the expansion on Monday, positioning the desk for professional investors seeking blockchain-based exposure to physical gold.