Paxos launched PAXG on Base on November 6, extending its gold-backed token beyond Ethereum and Solana. Each PAXG represents one fine troy ounce of physical gold held in custody and may be held in fractional amounts. Morpho said Coinbase users can borrow USDC against their PAXG through a new market on Base without leaving the exchange’s app, subject to customer access requirements. PAXG collateral prices update during gold-market hours, approximately 23 hours per weekday, and remain paused when those markets close, including on weekends. This interruption can delay the reflection of a decline in collateral value, while borrowing limits, interest rates, and liquidation thresholds vary by asset and loan type.
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