PAX Gold
About PAX Gold
The price of PAX Gold (PAXG) is $2,590.86 today, as of Sep 16 08:25 p.m., with a 24-hour trading volume of $15.04M. Over the last 24 hours, the price has increased by 0.49%. PAX Gold currently has a circulating supply of 189,925.08 and a market cap of $492.07M.
PAX Gold (PAXG) is an ERC-20 token (meaning it is compatible with the Ethereum blockchain and other networks that are based on Ethereum) that is pegged to one troy ounce of a 400-ounce London Good Delivery gold bar. Holders of PAXG tokens actually own the underlying asset, which is held by the Paxos Trust Co. and which can be redeemed at any point.
PAXG price tracks the price of the gold it represents, which is subject to changing market conditions. The token seeks to make purchasing gold bullion easier, faster and more accessible through fractional ownership.
Paxos Trust introduced PAX Gold in September 2019. Unlike with many cryptocurrencies, there is no maximum supply for the asset because Paxos Trust can issue as many tokens as demand requires.
Issuance of PAXG is subject to market demand for the gold-backed token and is not subjected to a fixed schedule. When a user redeems a PAXG token for physical gold, the corresponding PAX Gold token is burned immediately.
Because PAXG’s value is based on the price of gold, it sees regular ups and downs. Although gold is considered a store of value, its price momentum has yielded ups and downs over the years. PAX Gold spiked to over $2,000 in January 2021 before tumbling to just below $1,700 in late February 2021. A new surge occurred in May 2021, with the token reaching an all-time high value of $2,155.11 on May 17.