PAX Gold

PAXG is a gold token from Paxos: each token stands for one troy ounce of vaulted gold.

PAX Gold (PAXG) is a digital token backed by physical gold. Each token equals one fine troy ounce of London Good Delivery gold, the standard bar of the London gold market. It is issued by Paxos Trust Company, a US trust company. Paxos deployed the token on Ethereum on 26 August 2019 and added Solana on 25 June 2026. Tokens can be split into very small fractions, down to 18 decimal places.

Paxos's terms say PAXG works like a warehouse receipt. The holder owns a share of specific gold bars, which Paxos keeps separate from its own assets in LBMA-approved vaults in London. Holders of self-custodied tokens can look up the serial number, weight and vault of their bars by wallet address. Paxos publishes monthly attestation reports, prepared by KPMG since February 2025, that tokens match the gold held.

PAXG has no fixed supply. Paxos creates tokens when verified customers buy gold and destroys them on redemption. On 27 September 2026 about 434,900 PAXG existed, worth about US$1.86B. Paxos charges no storage fee today, though its terms allow one later. Customers can redeem for US dollars, unallocated gold, or a physical bar; a bar needs at least 430 PAXG. From 1 September 2026 redemption fees range from 0.125% to 0.5%, and creation fees are waived until 1 January 2027.

Paxos was regulated by New York's financial regulator (NYDFS), which approved PAXG in 2019. In August 2025 Paxos agreed a US$48.5M settlement with the NYDFS over anti-money-laundering failures linked to Binance. On 12 December 2025 Paxos became a national trust bank supervised by the US Office of the Comptroller of the Currency (OCC). Paxos can freeze and upgrade the token, and says PAXG is currently unavailable in the EU.