Overview
- Paxos Labs launched PAXGy on September 24, 2026, and listed it on OKX plus DeFi venues including X Layer, Uniswap, 0x and Ether.Fi.
- PAXGy is built on PAX Gold (PAXG) and is designed so returns from leasing the underlying physical gold increase the amount of PAXG each PAXGy can be redeemed for over time.
- Paxos says the gold backing PAXG is stored in LBMA‑approved vaults and attested by KPMG, and the reserves are lent to vetted institutional borrowers such as refiners, miners and bullion banks.
- Holders can obtain PAXGy by depositing PAXG or swapping supported stablecoins; Paxos uses a PAXGy‑to‑PAXG exchange rate to track accruals and Chainlink’s CCIP to move positions across chains, but Paxos warns credit, liquidity or borrower losses could reduce the exchange rate.
- Paxos Labs, which was publicly launched in April after incubation within Paxos and a $12 million strategic round, says PAXGy aims to give smaller holders access to bullion‑leasing economics as tokenized gold markets grow and trading volumes rise.