#74 / RWApax-goldPartially verified

PAX Gold

Each token backed by one fine troy ounce of London-held gold.

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Token

PAXG

Sector

Tokenized gold

PAXG market

CoinGecko data; may be delayed.

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Tokenomics

Market cap

$1.89B

Fully diluted valuation (FDV)

—

No declared max supply: no FDV is computable, supply follows demand.

Circulating supply: 432.91K
Total supply: 432.91K
Max supply: No cap

100.0% of the achievable supply is already circulating.

All-time high (ATH)

$5,619.09 -22.47% · Jan 28, 2026

Source: CoinGecko, snapshot of Sep 13, 2026. Figures may be delayed.

On-chain fundamentals

This asset is not mapped to a DefiLlama-tracked protocol or chain, or the provider reports no data for it. When a verified mapping exists, the table appears here.

Why it matters

PAXG tokenizes allocated gold: each token corresponds to one troy ounce held by Paxos with LBMA-accredited custodians, redeemable for physical metal or fiat. It is the largest compliant tokenized-gold product and a straightforward test of the RWA thesis: does wrapping a real asset in a token expand who can hold it without changing what it is? Fees on redemption and the gap between token price and spot gold are the practical frictions.

General research guidance, not analysis specific to this asset. Detail is pending.

Track the real organization or foundation behind the token, not just the ticker.

Separate token utility from price action before building a position.

Compare network usage, liquidity, incentives, and governance quality against nearby competitors.

How it works

Each PAXG token corresponds to one fine troy ounce of allocated gold held in LBMA vaults in London, custodied by Paxos Trust Company, an OCC-regulated custodian. The gold is audited monthly, holders can redeem tokens for physical LBMA-accredited bars or for dollars at spot, and Paxos currently charges no storage fee. Zero on-chain transfer fees make moving gold exposure between wallets and venues materially cheaper than moving the metal.

Token utility

Gold exposure transferable on-chain 24/7

Redeemable for physical gold or fiat via Paxos

Value capture

PAXG tracks gold's price; it does not amplify it. The token's value proposition is access and transferability — 24/7 on-chain movement of a claim on physical metal — while the economics of custody accrue to Paxos. For holders it is a storage-and-transport innovation on gold, not a yield product: the metal pays nothing.

Supply and issuance

Supply equals the gold under custody: one token per fine troy ounce, expanding when customers mint and contracting when they redeem. There is no emission schedule or cap beyond the metal itself, and the audit cadence is the mechanism that keeps token supply and vault inventory aligned.

Governance

No token governance. Paxos Trust Company, supervised by the OCC, controls custody, redemption, and operational policy. The trust decision mirrors regulated stablecoins: a chartered custodian with audit obligations instead of decentralized control — appropriate for a commodity claim, where the questions are vault integrity and redemption honesty.

Key risks

Redemption fees and verification steps create friction versus spot ETFs
Counterparty and custody risk concentrates in Paxos and its vaults
No yield: gold pays nothing while the issuer may earn on storage economics

Frequently asked questions

Can I redeem PAXG for physical gold?

Yes — it is the distinguishing feature. Paxos lets holders redeem tokens for LBMA-accredited Good Delivery bars (with minimum quantities and verification steps) or for dollars at spot prices. Most gold tokens stop at paper claims; PAXG's physical redemption path is what makes it a direct test of tokenization against the metal.

How is PAXG different from a gold ETF?

Both track gold, but PAXG settles instantly on-chain around the clock, trades in fractional units, and transfers between wallets without a brokerage, while ETFs trade in market hours through intermediaries. ETFs have deeper institutional integration; PAXG has portability and 24/7 settlement. Each trades some convenience for the other.

References

Last verified: 2026-09-12

Pax Gold (PAXG) - Paxos
Paxos · paxos.com · primary source
One-ounce backing in LBMA vaults, Paxos Trust custody under OCC regulation, monthly audits, redemption for physical bars, zero storage and on-chain transfer fees.
Accessed 2026-09-12