PAX Gold (PAXG) is a gold-backed token issued in 2019 by Paxos Trust Company, a New York-based regulated trust company. Each token is designed to represent ownership of one fine troy ounce of a London Good Delivery gold bar.
PAXG holders have ownership rights to physical gold held in custody by Paxos. As a result, the token's value is tied directly to the real-time market value of that gold.
PAXG is issued as an ERC-20 token on Ethereum, so it can be transferred between wallets like other crypto assets. This allows fractional ownership of gold rather than requiring purchase of whole bars.
Holders can enter their Ethereum wallet address into a lookup tool on the Paxos website to view the serial number and characteristics of their vaulted gold. The Paxos platform also lets customers convert tokens to allocated gold, unallocated gold, or fiat currency.
Data provided by CoinGecko
PAXG has no fixed maximum supply; tokens are minted when gold is deposited and burned when redeemed. Circulating supply therefore moves in line with the amount of gold held in custody.
PAXG is used across centralized exchanges, wallets, and DeFi lending platforms. In September 2026, Paxos Labs announced PAXGy, a product adding lending yield to tokenized gold, noting that holders bear borrower-default risk.
PAXG is noted for combining the characteristics of physical gold ownership with the mobility of a digital asset. Issuance by a regulated trust company and published attestations are also commonly cited features.
However, it is a centralized model that relies on trust in the issuer and custodian, and it carries regulatory and smart contract risks. Holders are also fully exposed to fluctuations in the price of gold itself.
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