PAX Gold (PAXG)
A Gold-backed Digital Asset Issued by Paxos.- PAX Gold (PAXG) is a digital asset issued by Paxos. Each PAXG token is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s vaults. Users that own PAXG will also own the underlying physical gold, held in custody by Paxos Trust Company.
- A user can choose to redeem her PAXG tokens with Paxos, and receive the corresponding value her tokens represent in USD. If a user holds more than 430 PAXG tokens, she has the choice to redeem her tokens in exchange for physical gold bars.
- Paxos charges fees for both the creation and redemption of the PAXG token. The minimum purchasable amount on the Paxos platform is 0.01 PAXG.
- The issuance of PAXG is approved by the New York State Department of Financial Services (NYDFS).