Bubble
PAX Gold PAXG
PAX Gold (PAXG) was trading at $4,117.73, ranked #36 by market cap at $1.85B, with 24h volume of $40.00M.
Data snapshot: 2026-07-22 18:00 UTC.
PAX Gold is a token issued by Paxos and backed 1:1 by physical gold held in professional vaults, with each PAXG tied to the price of one troy ounce of London Good Delivery gold. It gives crypto holders a way to hold gold exposure on-chain, redeemable for physical bullion through Paxos. PAXG is a gold token issued by a New York trust company under state regulatory supervision, with each token representing one fine troy ounce of allocated London Good Delivery gold. The regulatory structure is its differentiator from other gold tokens: the issuer is a regulated trust, and holders can in principle redeem for physical metal. Like other gold tokens it tracks the metal rather than crypto, which makes it useful as a comparison on a market map — a bubble whose colour reflects an entirely different set of drivers.
What backs PAXG?
One fine troy ounce of allocated London Good Delivery gold per token, held by a regulated New York trust company.
How does it differ from other gold tokens?
Its issuer operates under New York State trust regulation and supervision, which is a stricter framework than most token issuers operate under.
Can it be redeemed for physical gold?
The structure provides for redemption, subject to the issuer's terms and minimums. That link is what ties the token to the metal.
Why hold gold on-chain rather than through a broker?
For settlement within on-chain systems — using it as collateral or moving it without leaving the chain. The exposure itself is the same as any gold holding.
Market cap decides how big a bubble is drawn, so rank is what places PAXG on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #28 | Tether Gold (XAUT) | $2.52B |
| #35 | Ondo (ONDO) | $1.94B |
| #36 | PAX Gold (PAXG) | $1.85B |
| #41 | Circle USYC (USYC) | $3.01B |
| #46 | BlackRock USD Institutional Digital Liquidity Fund (BUIDL) | $2.70B |