Paxos(Paxos), which issues the Stable coin PAX to peg USD on Ethereum as well as Tether, has launched the Ethereum-based “PAXG” to peg to 1 Troy ounce, approved by the New York State Financial Supervisory Authority. Gold investors aim to enter the cryptocurrency.
PAXG’s gold virtual currency is listed on the New York Stock Exchange by a U.S. security firm and is kept in the physical at Brink’s London safe, which is also well on the S&P 400 index.
According to Charles Cascarilla, CEO of Paxos, “(PAXG) is not a financial instrument, it’s genuine legal ownership.
We’ve made it easy to transfer and split gold on Ethereum,” he told Coindesk.
It is also possible to buy back gold in the physical Furthermore, as a feature of PAXG, one token is proportional to 1 troy ounce gold. In other words, as of September 6, it will be 162,500 yen.
It could also be exchanged for gold, with partnerships such as Bullion Exchanges, a new metal distributor in New York.
“In the future, Paxos will partner with metal distributors around the world to expand its services so that PAXG users can exchange real gold without being in London or New York,” Cascarilla said.
PAXG Lending Service Gold prices hit a market high of 165,200 yen for the first time in nearly six years due to u.S. recession warnings and China’s manipulation of the yuan in a U.S.-China trade war.