PAX Gold (PAXG) Exchange

About PAX Gold

PAXG (PAX Gold) is a gold-backed cryptocurrency issued by Paxos Trust Company, N.A., which has operated as a national trust bank under direct federal supervision of the OCC since 12 December 2025; from 2015 until then its regulator was the NYDFS. Launched in September 2019, each PAXG token represents direct ownership of one fine troy ounce of London Good Delivery gold stored in Brink's vaults in London. Every token is linked to a specific allocated gold bar with a unique serial number, weight, and purity, verifiable through the Paxos platform. PAXG is an ERC-20 token on Ethereum and was also deployed on Solana in June 2026, expanding its DeFi and payment utility to a lower-fee, faster-settlement environment. Paxos was co-founded by Charles Cascarilla and is the same regulated entity that previously issued BUSD (Paxos stopped minting it in 2023) and USDP. PAXG's US federally supervised issuer differs from Tether Gold (XAUT), which is issued by TG Commodities, S.A. de C.V. in El Salvador.

PAXG supply and backing

PAXG tracks the spot price of gold, not a fixed dollar value. The token's supply expands when new gold is deposited into Paxos custody and contracts when holders redeem tokens for physical gold or fiat. There is no maximum supply cap: supply equals the number of troy ounces held in allocated custody at any given time.

Backing — 1:1 to allocated physical gold; London Good Delivery bars stored in Brink's vaults in London; each token maps to a specific bar with traceable serial number

Circulating supply — approximately 439,000 PAXG as of October 2026, according to CoinGecko

Market capitalization — approximately $1.84 billion as of October 2026, second to Tether Gold (XAUT) among gold-backed tokens, according to CoinGecko

Regulation — Paxos Trust Company, N.A. has been a national trust bank under direct OCC supervision since 12 December 2025 (the NYDFS regulated the issuer from 2015 until then); monthly attestations verify the 1:1 gold backing

Redemption — holders with 430+ PAXG can redeem directly for full London Good Delivery gold bars from Paxos; smaller amounts can be redeemed through the partners that Paxos lists

Fees — Paxos publishes creation and redemption fees on its PAX Gold fee page (a redemption schedule based on rolling 30-day net redemptions took effect on 1 September 2026); Paxos states that it does not charge gold storage fees at this time

Chains — Ethereum (ERC-20) and Solana (SPL token since June 2026)

What determines PAXG's value

PAXG's price is determined by the spot price of gold. When gold rises, PAXG rises proportionally. When gold falls, PAXG falls. The token does not generate yield or staking rewards: its value proposition is gold exposure with blockchain portability, 24/7 trading, fractional ownership, and DeFi composability as collateral in lending protocols.



PAXG is issued by a US federally supervised trust bank and Paxos publishes monthly reserve attestations, which some institutional and US-based holders look for in a gold token. XAUT, issued by TG Commodities in El Salvador, had a larger market capitalisation than PAXG as of October 2026, according to CoinGecko. Tether Gold's Terms of Service restrict U.S. persons, with an exception for eligible contract participants.