What Is PAX Gold?

PAX Gold (PAXG) is a commodity-backed, gold stablecoin issued by Paxos. Each token is backed by 1 fine troy ounce of gold kept in Brink's vaults managed by Paxos. PAXG allows for exposure to Gold markets without using an ETF, futures contract, or other derivative product. Each PAXG token can be redeemed at any point for physical gold as long as it meets the minimum redemption amount of 1 to oz (1 PAXG + redemption fees). The PAXG token is centrally minted and burned on Ethereum by Paxos. The token can be divided into units that go out 18 decimal places. Any Ethereum wallet is capable of sending and receiving PAXG tokens and interacting with their smart contract. All token transfer, creation, and redemption hisRIF aims to create the building blocks to construct a fully decentralized internet.