Paxos' PAXG Circulating Supply Remains Below Gold Reserves

IconCryptoNewsTerminal Staff30 May, 2024

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Paxos' PAXG Circulating Supply Remains Below Gold Reserves

Paxos' Physical Gold-Backed Token, PAXG, Maintains Transparency Blockchain-enabled financial institution Paxos Trust Company has released its transparency report for its physical gold-backed token, PAXG. The report confirms that the circulating supply of PAXG does not exceed the amount of gold held in Paxos' reserves. According to the report, Paxos holds 184,251.761 ounces of gold in its reserves, while the circulating supply of PAXG stands at 184,251.712. This indicates that the supply of PAXG is fully backed by physical gold. Verifying the Transparency of PAXG The transparency report provides detailed information on the gold reserves backing PAXG. Paxos partners with accredited gold custodians, including Brink's and Loomis, to securely store the gold. The gold is independently audited by a third-party auditor, assuring the accuracy of the reported reserves. By maintaining a circulating supply below the level of gold reserves, Paxos ensures the credibility and value of PAXG as a gold-backed digital asset. This transparency is crucial for investors seeking a reliable and transparent exposure to physical gold through the convenience of a digital token.

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