Coinbase is the US’s largest crypto-exchange and has recently announced its intention to list a gold pegged stablecoin.
Coinbase has posted a message on the social network X. says PAX Gold is now available (PAXGThe listing of ).
The placement of a coin on Coinbase’s roadmap does not guarantee that it will be listed, but rather it signals the possibility for it to become listed to increase transparency and to prevent insider trading.
PAX Gold, also known as Ethereum (ETHThe Paxos blockchain platform has issued a token that is based on the ) and backed with physical gold.
Says Project,
“PAXG provides investors with a cost-effective method to acquire investment-grade gold while enjoying all of the advantages that the blockchain offers. Pax Gold Tokens (PAXG), backed with 1 fine troy ounces of gold in London Bullion Market Association (LBMA) vaults. If you own PAXG, you own the underlying physical gold, held in custody by Paxos Trust Company…
The allocated gold that backs PAXG is … audited monthly. Paxos, a New York State Department of Financial Services-regulated trust and custodian company is Paxos.
PAXG, a gold-backed stablecoin, isn’t the only one on the market.
Tether is a company that has developed several stablecoins. USDTLast week, he announced that it holds Tether Gold reserves of $770,000,000 in gold bullion backing the Tether Gold.XAUT) stablecoin.
XAUT, a digital gold asset launched in 2020 is pegged to one ounce.
A Tether press release states that each token is the direct owner of gold bars stored in Swiss vaults.
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