Paxos Labs Launches Gold-Backed PAXGy Token Built on PAXG
- —PAXGy is backed by physical gold held in LBMA vaults and verified by KPMG
- —Users can mint it by depositing PAXG or swapping supported stablecoins
- —Gold reserves are lent to institutional borrowers, so each PAXGy represents more PAXG over time
- —Available on OKX Gold Earn, X Layer, Uniswap, 0x and Ether.fi
Why it matters: The product expands Paxos's gold-token lineup and offers PAXG holders gold-denominated yield via institutional lending.
Source: Cryptonews.net