PAX Gold Amid Wintermute’s Institutional Expansion and Growing RWA Interest
The price of Pax Gold (PAXG) closed at $4,977.79 on 17 February 2026, positioning the token roughly mid‑point between its 52‑week high of $5,622.81 (28 January 2026) and its 52‑week low of $2,834.37 (27 February 2025). With a market capitalization of approximately $2.29 billion, PAXG remains one of the largest gold‑backed digital assets in circulation.
Wintermute Opens OTC Trading for Tokenized Gold
On the same day, Wintermute announced the launch of an over‑the‑counter (OTC) trading desk dedicated to tokenized gold. The new service supports both PAXG and Tether Gold (XAUT), enabling institutional investors to execute large, private transactions without the price impact that can accompany on‑exchange trades. Wintermute’s CEO, Evgeny Gaevoy, highlighted that the firm is “watching gold undergo the same infrastructure evolution that turned foreign exchange into the world’s largest market.” By offering algorithmically optimised spot execution, Wintermute aims to make gold acquisition through blockchain settlement as efficient as possible for professional counterparties.
Market Outlook: $15 B Forecast for Tokenized Gold
Wintermute also projected that the tokenized gold market could reach $15 billion by the end of 2026. The company’s analysis indicates that institutional demand for gold‑backed tokens is accelerating, driven by a desire for liquid, transparent exposure to the physical commodity. The inclusion of PAXG in this forecast underscores its status as a leading asset‑backed stablecoin in the space.
Industry Pulse: Consensus on RWA and PAXG’s Growing Demand
Earlier that day, the Consensus Hong Kong 2026 conference, a gathering focused on real‑world asset (RWA) tokenisation, underscored the increasing appetite for gold‑backed tokens. During a side event, Chunda McCain, co‑founder of Paxos Labs, cited surging demand for PAXG as evidence that stablecoins are expanding beyond dollar pegs into commodities. McCain’s remarks followed Paxos’ recent acquisition of an OCC conditional license in December and its regulatory approvals in Singapore, Finland, and Abu Dhabi, illustrating a multi‑jurisdictional strategy that aligns with the broader convergence of stablecoins and tokenised assets.
The consensus panel also noted that while stablecoins remain the most successful RWA, the conversation has shifted from pitch decks to substantive debates over architecture, regulation, and the actual problem that tokenisation solves. PAXG’s involvement in these discussions signals its growing importance as a bridge between traditional gold markets and the emerging digital asset ecosystem.
Bottom Line
PAX Gold’s robust price position, substantial market cap, and inclusion in both Wintermute’s institutional OTC offering and the broader RWA dialogue suggest that the token remains a key player in the evolving landscape of tokenised commodities. As institutional demand rises and regulatory frameworks solidify, PAXG is poised to maintain, if not expand, its role as a primary gateway to on‑chain gold exposure.
