tl;dr
Coinbase, the largest US crypto exchange, has added PAX Gold (PAXG), an Ethereum-based token backed by physical gold, to its listing roadmap, indicating a potential future listing. PAXG is issued by Paxos and represents ownership of one ounce of gold stored in London vaults, with monthly audits and ...
Coinbase has added PAX Gold (PAXG), an Ethereum-based token backed by physical gold, to its listing roadmap, signaling a potential future listing on the platform.
PAXG tokens represent ownership of one fine troy ounce of gold stored in LBMA (London Bullion Market Association) vaults in London, audited monthly by Paxos Trust Company, which is regulated by the New York State Department of Financial Services.
This move by Coinbase, the largest US crypto exchange, promotes transparency and aims to prevent insider trading, though being on the roadmap does not guarantee a listing.
PAX Gold offers investors a cost-effective way to own investment-grade physical gold combined with the benefits of blockchain technology.
Each token is backed by allocated gold, physically held and audited monthly to ensure trust and security.
In addition to PAXG, Tether’s gold-backed stablecoin, Tether Gold (XAUT), also represents ownership of physical gold.
Launched in 2020, XAUT is pegged to one ounce of gold and backed by $770 million in physical gold bullion reserves stored in secured Swiss vaults.
Both PAXG and XAUT provide investors with digital access to gold ownership, leveraging blockchain for increased transparency and ease of trading.