Paxos Labs has launched PAXGy, a gold-backed token designed to accrue value in ounces of gold by deploying its underlying reserves in institutional gold leasing markets. The token is built on PAX Gold, fully backed by investment-grade gold stored in LBMA vaults and independently attested by KPMG. Users can deposit PAXG or swap stablecoins for PAXGy, whose value accrues through a gold-denominated exchange rate. At launch, OKX is the only centralized exchange listing PAXGy, while the token is also available on X Layer, 0x, Uniswap and Ether.Fi. The tokenized gold market exceeds $5 billion and generated $90.7 billion in trading volume in the first quarter of 2026.
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