Paxos launched the gold-backed token PAXGy

Paxos Labs announced the launch of the gold-backed token PAXGy, with PAX Gold as the underlying asset, and holdings measured in ounces of gold. PAX Gold is fully backed by investment-grade gold held in LBMA vaults and independently verified by KPMG.

Holders can obtain PAXGy by depositing PAX Gold or exchanging accepted stablecoins.