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PAX GoldPAXGEpic
80/100STRICT
Epic
#55market cap17 Oct 2026

PAX Gold

PAXG
RWA, payments and rwa weightsMarket-cap rank 55, CoinGecko 23 Oct 2026
Fundamentals, not price
PillarRatingPosition on the 0 to 100 scaleWeightAdds
Sustainability86×0.2420.64
Transparency88×0.2017.60
Revenue68×0.1610.88
Innovation63×0.127.56
Community78×0.129.36
Tokenomics85×0.1613.60
Weighted sum, weights total 1.0079.64Rounds to the published score80
Analysed
17 Oct 2026
Engine
v5.2.0
Computed
2026-10-17 05:23 UTC
Inputs hash
2d19535432ef

Pro opens PAX Gold in full. Change, scenario, signal, risk factors, catalysts.

See plans

Research, not financial advice. Read the terms.

Pillar evidence

Input set 17 Oct 2026. 6 sources, 12 citations.
Each arc is one pillar rating, drawn to scale from 0 to 100.
Sustainability86

Can this project keep operating and funding itself for years?

Allocated London Good Delivery gold bars held in London vaults back PAXG 1:1 under regulated Paxos Trust Company custody with zero annual storage fees.12

Transparency88

Can outsiders see and check what the team and the protocol do?

KPMG LLP publishes monthly reserve attestation reports while an Ethereum address lookup tool maps holder balances to physical bar serial numbers.34

Revenue68

Does the protocol earn real fees or income from use?

Paxos earns tiered creation, redemption, and on-chain transfer fees, sustaining issuer operations while holders receive pure spot gold exposure.21

Innovation63

Is the technology being built and shipped, and does it matter?

PAXG converts 430-ounce institutional gold bars into 18-decimal ERC-20 tokens with 24/7 Ethereum settlement and automated bar allocation lookup.54

Community78

Who uses, builds and holds it, and how durable is that base?

More than 454,000 tokenized ounces circulate across major centralized exchanges and DeFi lending markets as a liquid on-chain gold hedge.16

Tokenomics85

Do supply, issuance and unlocks protect holders from dilution?

Circulating and total supply match 1:1 with vaulted fine troy ounces, eliminating unbacked inflation or unlock dilution.36

Sources
  1. 1paxos.com/pax-goldCited for Sustainability, Revenue, Community
  2. 2docs.paxos.com/guides/pax-goldCited for Sustainability, Revenue
  3. 3paxos.com/attestationsCited for Transparency, Tokenomics
  4. 4etherscan.io/token/0x45804880De22913dAFE09f4980848ECE6EcbAf78Cited for Transparency, Innovation
  5. 5github.com/paxosglobal/paxos-gold-contractCited for Innovation
  6. 6coingecko.com/en/coins/pax-goldCited for Community, Tokenomics

About PAX Gold

Analysis of 17 Oct 2026

PAX Gold (PAXG) is an ERC-20 token issued by Paxos Trust Company where each unit represents one fine troy ounce of gold. Brink vaults in London hold the underlying London Good Delivery gold bars under London Bullion Market Association standards.

Full overviewShow less

Paxos operates under regulatory supervision and publishes monthly reserve attestations prepared by KPMG LLP. Token holders can look up the serial number, weight, and purity of their allocated gold via an Ethereum address tool.

Unlike traditional gold exchange-traded funds, PAXG charges zero annual storage fees and settles 24 hours a day on Ethereum. Supply expands and contracts 1:1 with verified vault deposits and redemptions across more than 454,000 tokenized ounces.

Investment thesis

PAXG provides on-chain ownership of allocated physical gold bullion rather than speculative software protocol equity. The core value proposition combines regulated Paxos Trust custody, monthly KPMG reserve attestations, and 24/7 Ethereum settlement.

Full thesisShow less

Holders pay zero ongoing storage fees and can redeem tokens for physical London Good Delivery bars or US dollars. Those features make PAXG useful for treasury hedging, DeFi collateral, and cross-border commodity settlement.

Key trade-offs center on custodial concentration and macro commodity cyclicality. Price performance tracks spot gold bullion rather than crypto network growth, and physical bar redemptions require 430-ounce minimums and KYC onboarding.

Secondary market depth also remains smaller than major gold ETFs and lacks direct availability under European Union rules.

Strengths
  • Allocated bullion. Each PAXG token maps 1:1 to one fine troy ounce of London Good Delivery gold held in London vaults.
  • Monthly attestations. Independent accounting firm KPMG LLP verifies physical gold holdings against circulating ERC-20 token supply each month.
  • Zero storage fee. Paxos charges no ongoing annual custody fee, giving long-term holders a cost advantage over gold ETFs.
  • Serial lookup. Holders can verify the serial numbers and physical characteristics of their allocated gold bars using an Ethereum address.
Risks
  • Custodial concentration. Token holders rely on Paxos Trust Company, London vault operators, and administrative contract controls.
  • Bullion volatility. Returns track macro gold bullion cycles rather than independent crypto protocol adoption.
  • Redemption threshold. Direct physical bar redemption requires KYC verification and at least 430 fine troy ounces for a full bar.
  • Regional exclusions. Regulatory restrictions bar direct Paxos distribution across the European Union, limiting retail access in Europe.
Competitive position

PAXG competes directly with Tether Gold (XAUT) in the tokenized bullion market and with traditional gold ETFs such as GLD. Against XAUT, PAXG differentiates through regulated US trust custody under Paxos and monthly KPMG LLP reserve attestations.

Full positionShow less

Against traditional ETFs, it offers 24/7 Ethereum settlement, fractional divisibility to 18 decimals, and zero annual storage fees. However, XAUT holds a larger on-chain market cap, and brokerage ETFs command deeper institutional order-book liquidity.

Conclusion

PAX Gold operates as a regulated tokenized commodity backed 1:1 by allocated London Good Delivery gold bars rather than a growth software protocol. Monthly KPMG LLP attestations, zero annual storage fees, and bar serial-number lookups support high scores for sustainability and transparency.

Full conclusionShow less

Custodial reliance on Paxos, 430-ounce physical bar redemption minimums, and European Union distribution limits remain the primary constraints. Because returns track physical gold spot prices, recommendation remains null.

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