Coinbase, America’s leading cryptocurrency trading platform, has hinted at considering the addition of a digital coin backed by gold to its listings.
On platform X, Coinbase announces that PAX Gold (PAXG) has been included in their plan for future listings.
Having a project on Coinbase’s roadmap doesn’t automatically mean it will eventually be listed, but it signifies the possibility of its inclusion, which enhances transparency and helps avoid potential insider trading situations by making the process more open.
PAX Gold represents a digital token, supported by actual gold, that operates on the Ethereum network. This token is distributed by the blockchain infrastructure service provider, Paxos.
Says the project,
Investors can easily and affordably acquire investment-grade gold through PAXG, utilizing blockchain technology for added security. Each PAX Gold (PAXG) token represents one fine troy ounce of gold, securely stored in vaults managed by the London Bullion Market Association in London. By holding PAXG, you are essentially owning the underlying physical gold, which is kept under custody by Paxos Trust Company.
The gold backing PAXG is subjected to a thorough audit every month. Paxos, being a state-regulated trust company and custodian under the New York State Department of Financial Services, oversees this process.
PAXG is not the only gold-backed stablecoin on the market.
Last week, Tether, a well-known company responsible for multiple prominent cryptocurrency stablecoins such as USDT, revealed they have $770 million worth of actual gold bars stored as collateral for their Tether Gold (XAUT) stablecoin.
Launched in 2020, XAUT is a digital asset pegged to the price of one ounce of physical gold.
As stated by Tether’s press release, each token signifies direct ownership of gold bars that are securely stored in Swiss vaults.
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2025-05-07 22:37