All about PAXG, a stablecoin by Paxos
Dec 05, 2023
PAX Gold statistics
Pax Gold is a token that was created to represent the price of one ounce (31 grams) of a gold bar. As a stablecoin paired with gold, its price varies according to the price fluctuations of th...
Clear your doubts about Pax Gold's stablecoin (PAXG)
In which network does PAXG run?
PAXG is a token that follows the ERC-20 standard of the Ethereum network. Therefore, it is compatible with all wallets that support this type of asset on their platforms. For this reason, it is also possible to convert PAXG into ETH or any other crypto asset that follows the standard used in the Ethereum network in protocols that allow for this type of conversion.
What is the meaning of "gold-backed cryptocurrency"?
A token is backed when there is an equivalent asset to guarantee its liquidity when issued. In the case of PAXG, this means that, for each token issued, there is a corresponding reserve of an asset deposited in a bank. According to Paxos, the company that issues the PAXG, its token is fully backed by physical gold, which is stored in high-security vaults and attested by auditing firms.
Where can the PAXG stablecoin be used?
As a token that follows the ERC-20 standard of the Ethereum network, PAXG can be used in platforms based on the Ethereum blockchain. Since Ethereum is the network that hosts several projects and platforms in the crypto world, it is easier to access and use PAXG in this ecosystem. Furthermore, within the Paxos platform, it is possible to convert PAXG into physical gold, fiat money or other crypto assets.
How to buy or sell Pax Gold (PAXG)?
You can buy PAXG in exchanges like Bitso. Try Bitso, register now and download our app, available for Android and iOS. Come to Bitso, where you can buy PAXG and more than 40 crypto assets easily, quickly and securely. If you need help, our support team is available to you 24x7.