Encrypted market maker Wintermute obtains SEC license: first deal in gold tokens and crypto ETFs, then move on to tokenized stocks
On August 6, (The Wall Street Journal) reported that Wintermute’s U.S. subsidiary has registered as a securities broker-dealer and will be subject to regulation by FINRA and the SEC (cited by Foresight News). This crypto market maker, with daily trading volume exceeding $2 billion, is betting its next step on commodities, crypto ETFs, and tokenized stocks. The roadmap set by CEO Evgeny Gaevoy: first do the commodities and digital asset ETFs that are closest to the existing business, and move into tokenized stocks only after regulatory approvals.
I. Licenses: from crypto market making to a Wall Street securities firm
Wintermute’s New York subsidiary has completed registration as a broker-dealer. It can trade stocks, options, and crypto ETFs in accordance with US securities laws, and provide liquidity to the SEC and to over-the-counter counterparties (reported by The Block on August 7, cited by PANews). For market makers, the significance of this license is the channel: previously, they could only do crypto spot, derivatives, and OTC trades; now they can extend order flow into the compliant framework of US securities markets.
Among the company’s existing businesses are forward contracts and CFDs (contracts for difference). Institutional OTC tokenized gold launched in February (reported by The Block on February). After the registration news was announced, Gaevoy said the initial focus would be on commodities and crypto ETFs, and tokenized stocks would be advanced only on the condition that regulators approve (Cointelegraph Chinese-language citing WSJ).
Wintermute was founded in 2017 by Evgeny Gaevoy. It is one of the top market makers in the crypto market, with daily trading volume exceeding 2 billion US dollars (reported by Binance Square under its cited definition). Over the past few years, its business boundaries have expanded from spot market making to derivatives, OTC trading, and algorithmic trading. This securities registration is the first time it has pushed its compliance reach into the US securities trading system.
II. Tokenized gold: already up and running
Institutional OTC trading of tokenized gold that launched in February via Wintermute supports PAXG (Paxos Gold) and XAUT (Tether Gold)—the two largest gold-backed anchor tokens by market value (The Block). According to the company’s own reporting definition, the trading volume of tokenized gold reached 126 billion US dollars in Q4 2025, first surpassing the combined trading volume of the top five traditional gold ETFs (Wintermute report, cited by Bitget).
In February, Gaevoy projected that by the end of 2026 the tokenized gold market would grow from about 5.4 billion US dollars to 15 billion US dollars—about 2.8 times its then size. This is the company’s own forecast, not a market consensus. But the direction aligns with other data: in a report published on August 6 by CoinShares and Token Terminal, tokenized RWA deposits increased year over year by about 220%, with gold tokens XAUT and PAXG leading the volume growth (The Block, cited).
The liquidity structure of gold tokens is also changing. In the analysis framework dated August 6, tokenized gold trading volume hit a record high in 2026. The duopoly of XAUT and PAXG provides liquidity, while also concentrating operational and reputational risk in the two issuers (per the Canadian Mining Report definition). Wintermute’s OTC counters trade directly these two instruments—adding an institutional channel beyond the duopoly.
III. Tokenized stocks: waiting for the regulatory opening
Tokenized stocks are the furthest step in Wintermute’s plan. In its statement on August 6, the company said: it would first enter through commodities and crypto ETFs. If regulators allow, it would then expand tokenized stock business. The ultimate goal is to obtain designated market maker (DMM) status for a major exchange (BitMart reported on August 6). Gaevoy gave itself a timeline of three to five years.
This is the most direct link to Binance users: Binance’s US stock tokenized product line has already launched tokenized shares like those shown on $SPCXB . Whether market makers enter directly determines order-book depth, bid-ask spreads, and slippage. Wintermute’s license covers US securities business, but the tokenized stock products themselves still require the SEC to approve the specific products; the timetable is uncertain.
The secondary market for stock tokens already has real turnover. On August 4, SPCXB (SpaceX stock token) released its 2026 Q2 financial report after market close (KuCoin flash news). On August 6, on-chain monitoring showed a whale transferred 20,100 SPCXB (about 2.3 million US dollars) back to Binance, currently showing an unrealized loss of 720,000 US dollars, and then switched to buying about 6.97 million US dollars worth of Micron’s stock token (BlockBeats/ChainCatcher). With funds moving in and out and clear profit-and-loss records, this suggests such assets do not lack trading demand; what’s missing is market-making depth that can organize liquidity.
IV. Competition: a direct response to Jane Street and Citadel
In an interview with BeInCrypto, Gaevoy clearly said Wintermute will compete with market-making giants like Jane Street and Citadel Securities (as relayed by Binance Square). The two traditional market makers dominate ETF market making and stock trading. Wintermute’s differentiation is its crypto-native foundation: it already has complete infrastructure for crypto spot, derivatives, and OTC trading. The added securities license can reuse the same risk control and liquidity management system.
In the short term, the results of the competition may not immediately show up in price, but they will change market structure. More market makers usually means tighter spreads and deeper order books. For users holding gold tokens and stock tokens, improved liquidity is a tangible positive—provided that these products can pass regulatory approval and truly go live.
The observation window is on the trading page itself: the order-book depth on platforms like Binance, bid-ask spreads, and slippage data will reflect the market maker’s entry effect before the news does. Wintermute’s license was obtained in August; when actual trading begins and the fee-rate structure used will wait for the company’s announcements.
V. Three clues for the crypto market
First, institutional market makers are turning “tokenizing traditional assets” from a narrative into a business: Wintermute’s licensing path is a template for crypto firms entering the US securities market, and more similar applications will follow. Second, gold tokens are moving from retail tools to an institutional asset class: 126 billion US dollars of single-quarter trading volume has already surpassed traditional gold ETFs. Market makers’ OTC desks bring institutional capital in. Third, the speed of tokenized stock rollout depends on regulation, not technology: Binance’s US stock tokens and Wintermute’s license both hinge on the same variable—the SEC’s stance on specific products.
The three clues correspond to three asset types: for gold tokens, whether trading volume can sustain; for crypto ETFs, the progress of product approvals; for stock tokens, the SEC’s attitude toward the specific underlying assets. Different asset categories mean different observation indicators.
VI. Risks and definitions
1. Completing broker-dealer registration does not equal a business launch. Wintermute’s timelines for entering commodities, ETFs, and tokenized stocks have not been disclosed;
2. The 15 billion US dollars tokenized gold market size is Gaevoy’s forecast; the source is the company’s own reporting definition.
3. 1,260 billion US dollars in trading volume comes from Wintermute’s own report. OTC bilateral trading may be subject to duplicate counting, and its metrics are not fully comparable to traditional spot gold ETF standards;
4. The current size of tokenized gold exists in multiple definitions: in February, Wintermute said it was about 5.4 billion US dollars. Some RWA statistics put it at more than 4 billion US dollars. The differences come from the scope of what is counted and the timing of the snapshot;
5. The tokenized stock business depends on SEC approval of specific products; the timeline is uncertain. Becoming eligible as a DMM is a long-term goal (3–5 years);
6. The entry of market makers will improve liquidity, but it will also change the structure of price discovery, so short-term volatility may not necessarily decrease;
7. This article’s snapshot: Wintermute’s license news is dated 8/6–8/7; the launch of gold OTC is in February; the trading volume data uses the 2025 Q4 definition;
8. The license news is relayed from WSJ and The Block. Wintermute’s official announcements and the actual timeline for business start should be based on its subsequent disclosures.
Summary
Wintermute obtained an SEC broker-dealer license and lifted the ceiling for crypto market makers from the coin market to Wall Street: first tokenized gold and crypto ETFs, then tokenized stocks and other regulatory approvals. The counterparties point directly to Jane Street and Citadel Securities. Tokenized gold already has real trading volume as support; tokenized stocks are still waiting for a regulatory opening. For Binance users, the entry of a market maker means tokenized gold and stock tokens should see better depth and tighter bid-ask spreads—but the regulatory timetable will determine when all of this is actually realized. Will you position ahead for tokenized gold, or wait until tokenized stocks truly go live? Drop your thoughts in the comments.
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The above content does not constitute investment advice