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PAX Gold

PAXG · Field entry
Real-world assetsStablecoinsReal-world assets

A Paxos token backed by allocated London gold, one troy ounce per token

$4,152.580.10%Snapshot · October 4, 2026 · updates live
Market cap
$1.81B
24h volume
$65.58M
Rank
#60
Circulating
435,050 PAXG
Max supply
No fixed cap
All-time high
$5,619.09 January 28, 2026

PAXG price chart

7-day snapshot. Chart data from CoinGecko.

What is PAX Gold?

PAX Gold (PAXG) is a token issued by Paxos Trust Company where each token represents one fine troy ounce of a London Good Delivery gold bar held in LBMA vaults. Its price tracks gold. Paxos, now supervised by the OCC, publishes monthly attestations and lets holders look up the specific bar behind their tokens.

Utility Lens

What PAX Gold actually does

Lets people own allocated physical gold in small, transferable units on blockchains.

Real-world usage
growingPAXG is listed widely and used as on-chain gold exposure and collateral, with demand rising alongside gold.
Token necessity
essentialThe token is the ownership claim itself; there is no separate network token.
Decentralization
centralizedPaxos controls issuance, custody and redemption and can freeze tokens.
Track record
provenLaunched in 2019 with monthly attestations and no reported reserve shortfall.

How we rate

What it’s used for

People buy PAXG as gold exposure without handling bars, trade it on exchanges and use it as collateral on some lending platforms. Institutions can redeem it for physical bars or unallocated gold, and holders can sell it back for dollars.

Role of the PAXG token:

reserve backedstore of value

Evidence of real use

  • Paxos launched PAX Gold on September 5, 2019 as a token redeemable for physical gold. Source
  • Each PAXG is backed by one fine troy ounce of gold in LBMA vaults in London, with monthly attestations, no custody fees and a lookup tool showing bar serial numbers. Source
  • Paxos converted to an OCC-supervised national trust bank in December 2025, putting PAXG under federal oversight. Source

How PAX Gold works

Each PAXG represents one fine troy ounce of a specific London Good Delivery bar held in a professional vault in London. Paxos, as custodian, keeps the gold allocated to token holders rather than lending it out. If you hold PAXG in your own Ethereum or Solana wallet, you can enter your address on Paxos's site to see the serial number, weight and vault details of the gold behind your tokens.

Paxos sells PAXG through its platform and partner exchanges and charges no ongoing custody fee, which is a key difference from many gold funds. Holders can sell PAXG back for dollars at market gold prices, and Paxos lets customers redeem for physical London Good Delivery bars, while institutions can also redeem for unallocated London gold. Physical redemption involves large bar-sized amounts, so most people simply sell.

Paxos publishes monthly attestation reports on the gold backing PAXG. Since December 2025 the issuer has been Paxos Trust Company, N.A., a national trust bank supervised by the OCC, which also oversees its stablecoins. Because PAXG is a commodity token rather than a dollar token, its price moves with gold and the GENIUS Act's payment-stablecoin rules do not directly govern it.

Key moments

  1. 2019Paxos launches PAX Gold in September under New York trust oversight.
  2. 2025Paxos converts to an OCC-supervised national trust bank in December.
  3. 2026Paxos continues monthly PAXG attestations and promotes zero on-chain transfer fees for PAXG.

Supply

There is no fixed cap. PAXG is created when customers buy and Paxos allocates matching gold, and destroyed when tokens are redeemed. Supply is limited in practice by the gold Paxos holds for token holders.

Risks to understand

  • Gold price risk: PAXG's dollar value moves with gold and can fall sharply.
  • Custodian and issuer risk: holders depend on Paxos and its vault providers to safeguard the gold and honor redemptions.
  • Exchange custody: gold lookups and some protections apply to tokens in your own wallet, not to PAXG held on an exchange's books.
  • Freeze risk: Paxos can block tokens at specific addresses to meet legal requirements.

PAX Gold FAQ

Does one PAXG equal one ounce of gold?

Yes. Each token represents one fine troy ounce of a London Good Delivery bar held in vaults in London.

Are there storage fees?

Paxos says it charges no custody or storage fee for PAXG; buying, selling and redemption may involve other fees or spreads.

Who regulates PAXG's issuer?

Paxos Trust Company, N.A., which has been supervised by the OCC since December 2025.

Sources

  1. Pax Gold (PAXG) — Paxos
  2. Paxos Launches PAX Gold: Physical Gold on the Blockchain — Paxos
  3. OCC Approves Paxos Application to Convert to OCC Trust — Paxos
  4. OCC Decision Letter: Application by Paxos Trust Company to Convert to a National Trust Bank — Office of the Comptroller of the Currency

Last reviewed October 4, 2026 by The Crypto Guide editorial team. Utility Lens ratings are editorial judgments, not investment advice. Market data from CoinGecko. Spot an error? Request a correction.