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What is PAX Gold?

PAX Gold (PAXG) is a gold-backed token issued by Paxos Trust Company, N.A., which Paxos describes as a U.S. national trust bank regulated by the Office of the Comptroller of the Currency (OCC). Each PAXG represents one fine troy ounce of London Good Delivery gold, held in LBMA-accredited vaults in London on a segregated basis for PAXG holders. PAXG has been available since 2019.

Under Paxos's PAX Gold terms, a token is akin to a warehouse receipt for a pro-rata share of allocated gold bars, and the holder carries the gold's whole price risk and reward. Paxos assigns every token to specific bars and may reallocate them as tokens move. The PAXG lookup tool shows the serial number, weight and vault of the bars behind a self-custodied Ethereum or Solana address; it does not cover tokens held on exchanges or in custodial wallets.

Verified Paxos customers can buy PAXG with US dollars or unallocated gold, and convert it back into US dollars, unallocated Loco London gold or physical bars. Paxos converts the dollars it receives into gold to keep one ounce of allocated gold per token, rounds conversions down to the nearest 0.01 troy ounce and may set minimum amounts. A physical redemption needs at least 430 PAXG plus a fee per London Good Delivery bar, may involve extra due diligence and leaves delivery to the holder; conversions can take several business days.

Paxos publishes monthly attestation reports on PAXG's gold reserves from an independent accounting firm: KPMG LLP for reports posted from 28 February 2025, and WithumSmith+Brown before that. An attestation describes the reserves at a stated date; it is not a guarantee for any other moment.

PAXG runs on Ethereum and Solana. Paxos currently charges no custody or storage fee, but its terms let it introduce one, paid by issuing new PAXG to itself, with at least 30 days' notice; conversion and redemption fees apply, and networks and exchanges charge their own. The terms also let Paxos freeze PAXG or the gold behind it when legally required, on a partner's formal notice or at its own discretion. Paxos states that PAXG is currently not available to residents of the European Union.

Key Features of PAX Gold

• One ounce per token: Each PAXG represents one fine troy ounce of London Good Delivery gold. Its value follows the gold price, which can fall against the US dollar or any other currency, so the backing does not protect against a decline in gold.
• Bar-level lookup: The PAXG lookup tool lists the serial number, weight and vault of the bars allocated to a self-custodied Ethereum or Solana address. Allocations can change as tokens move, and tokens on an exchange are not covered.
• Redemption through Paxos: Verified Paxos customers can convert PAXG into US dollars or unallocated gold, or redeem at least 430 PAXG plus a fee per bar for physical gold. Holders without a verified Paxos account cannot redeem directly.
• Ethereum and Solana: On Ethereum, PAXG is an ERC-20 token with 18 decimal places; on Solana it is a Token-2022 mint with 6. The two have different addresses, so confirm the network on both sides of a transfer.
• Monthly attestations: Paxos publishes reserve reports every month, with attestations by KPMG LLP since 28 February 2025. Read the date and scope of the latest report rather than assuming the backing at another time.

PAX Gold Use Cases

• Gold exposure in a crypto account: PAXG lets a crypto account hold an asset backed by allocated gold that moves on-chain at any hour. Compare its price with a reference gold price in the same currency; the price you get can differ from a quoted reference.
• Owning less than a bar: Physical redemption works in whole bars of at least 430 PAXG, but PAXG itself divides into fractions of an ounce. Platforms set their own minimum orders, and Paxos rounds its conversions down to 0.01 troy ounce.
• Using PAXG in DeFi: Paxos describes PAXG as a standard token that works with wallets, exchanges and DeFi protocols. A protocol adds its own smart-contract, liquidity and liquidation risks, and redeeming the underlying gold still requires a verified Paxos account.

PAX Gold Tokenomics

Total Supply

No fixed cap. Paxos mints and burns PAXG as gold moves into and out of its reserve to meet purchases, conversions and redemptions, keeping one fine troy ounce of allocated gold per token. Ethereum and Solana each report their own supply.

Circulating

Add the Ethereum and Solana supplies for the total and compare it with the dated attestation. Market capitalization multiplies supply by the PAXG price, which can differ from the gold price.

Utility

PAXG represents beneficial ownership of a pro-rata share of allocated gold, akin to a warehouse receipt. It is not money or legal tender, and the holder bears the gold's price risk.

Emission

There is no mining, staking reward or scheduled emission. New tokens are created only against gold that Paxos holds in custody.

How to Buy PAX Gold

1. 1

   Check availability

   Paxos states that PAXG is currently not available to residents of the European Union. Confirm that your platform offers PAXG to your account and location, and on which network.

2. 2

   Decide how to hold it

   A platform account holds PAXG for you, and the PAXG lookup tool does not cover it. A self-custodied Ethereum or Solana wallet gives you the keys and bar-level lookup, along with responsibility for backups.

3. 3

   Match the network

   PAXG on Ethereum and on Solana use different token addresses (see the FAQ). Confirm the asset, network and address on both sides before any deposit or withdrawal.

4. 4

   Compare price and costs

   Check the PAXG quote against a reference gold price, plus the spread, trading fee, withdrawal fee and network fee. A market order can fill at a worse price than displayed.

5. 5

   Know the redemption route

   Converting PAXG into US dollars or gold through Paxos requires a verified Paxos account. Physical bars need at least 430 PAXG plus a fee per bar; otherwise you sell PAXG through a market.

PAX Gold Historical Price Performance

PAXG has been available since 2019. Because each token represents an ounce of gold, its price tracks gold, but exchange prices can sit above or below a reference gold price, and conversion fees reduce what a redemption returns. Compare PAXG with gold over the same period and in the same currency; a past high does not predict future prices.

Frequently Asked Questions

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