Crypto market maker Flow Traders enters tokenized assets via 24/7 OTC desk

Crypto market maker Flow Traders has expanded into tokenized assets via its 24/7 over-the-counter trading platform, supporting products including tokenized money market funds, equities, and commodities.

The offering provides "two-way liquidity" for assets such as Franklin Templeton’s onchain money market fund (BENJI) and Tether Gold (XAUT), allowing institutional counterparties to trade and hedge exposure outside traditional market hours using fiat or stablecoins.

The move reflects growing institutional demand for round-the-clock access to tokenized assets, particularly as market risk increasingly moves beyond standard trading hours.

"Over the past two decades, evolving market structures, from ETFs to electronic trading, have transformed how investors access exposure. Tokenization has the potential to be one of the next major steps in that evolution," said Flow Traders CEO Thomas Spitz. He added that the firm will support tokenized assets for "permissioned" counterparties, meaning access is limited to eligible participants that have completed onboarding and know your customer, or KYC, checks.

Flow Traders' expansion adds to a growing push by crypto market makers into tokenized assets. Last month, Wintermute entered the space, supporting tokenized commodities including Tether Gold and Pax Gold (PAXG). Last August, GSR partnered with tokenized asset exchange DigiFT to launch secondary OTC trading in tokenized real-world assets, or RWAs.

The RWA market has grown to over $27 billion. Some estimates suggest it could reach trillions of dollars in the coming years. Michael Lie, global head of digital assets at Flow Traders, told The Block he would not put a specific number on the estimated market, but noted that growth is expected to be "gradual and uneven" across asset classes, driven by institutional adoption, improving market infrastructure, and use cases.

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Founded in 2004, Flow Traders is a public company listed on Euronext Amsterdam with a market capitalization of over $1 billion. It is a market maker across asset classes, including equities, fixed income, commodities, crypto, and foreign exchange. Flow Traders said RWA coverage will continue to evolve in line with counterparty demand, regulatory considerations, and supported venues. Product availability may vary by jurisdiction and counterparty eligibility and may be offered by different entities within the Flow Traders group, depending on regulatory status.