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Paxos has launched the gold-backed yield token PAXGy, with holdings of the token – measured in ounces – continuing to grow.

52 minutes ago

Paxos Labs has announced the launch of PAXGy, a gold-backed token that appreciates in value based on gold ounces, with the gold token PAX Gold (PAXG) as its underlying asset. PAXG is fully collateralized by investment-grade gold held in LBMA vaults and independently verified by KPMG. Holders can acquire PAXGy by depositing PAXG or converting accepted stablecoins. Bhau Kotecha, co-founder of Paxos Labs, said: "Gold has been lent for thousands of years, and institutions have been earning returns on their gold bar reserves for decades, but this market has never been open to ordinary gold holders. PAXGy will bring these economic returns to anyone who can hold the token."

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