Paxos Labs Unveils PAXGy Gold Token on OKX and DeFi Platforms
Paxos Labs has launched PAXGy, a gold-backed token that accrues value in ounces of gold through institutional gold leasing. The token is fully backed by investment-grade gold stored in LBMA vaults and independently attested by KPMG.
User can deposit PAXG or swap supported stablecoins for PAXGy, whose value accrues through an exchange rate denominated in gold terms. At launch, OKX is the only centralized exchange listing PAXGy, while the token is also available across X Layer, 0x, Uniswap and Ether.Fi.
The gold backing PAXGy is deployed to vetted institutional borrowers through the long-established bullion leasing market. Borrowers including refiners, jewelry manufacturers, miners and bullion banks use leased gold rather than purchasing the metal outright.