Key Facts

  • Paxos' PAX Gold token is now live on Base, the layer-2 network incubated by Coinbase, and is available across DeFi venues there, Paxos said.

  • PAXG is set to become the first non-crypto collateral asset in Coinbase Borrow, an onchain lending product powered by Morpho, with the rollout expected in the weeks ahead, subject to product availability, Paxos said.

  • Each PAXG token is backed by one fine troy ounce of physical gold held in LBMA-accredited vaults, according to Paxos.

Paxos' PAX Gold token is now live on Base, the layer-2 network incubated by Coinbase, and is available across DeFi venues there, Paxos said.

PAXG is set to become the first non-crypto collateral asset in Coinbase Borrow, an onchain lending product powered by Morpho, with the rollout expected in the weeks ahead, subject to product availability, Paxos said.

Each PAXG token is backed by one fine troy ounce of physical gold held in LBMA-accredited vaults, according to Paxos.

Borrowing Against Gold

"Until now getting cash out of gold meant giving it up," Garcia-Martinez said.

How PAXG Is Backed

Holders can redeem PAXG for physical gold bars, with a minimum of 430 PAXG, or for unallocated gold or cash at market price, Paxos said. PAXG is also available on Ethereum and Solana, Paxos said.

PAXG traded at $4,088.90, up 0.9% over 24 hours, according to CoinMarketCap data.