15 months ago the price of one ounce of fine gold was $1,790 per ounce and since then, it has increased in value 3.51% to today’s $1,853 per ounce exchange rate. While gold has risen in value, the top two tokenized gold coins have grown significantly since then. Pax gold (PAXG), for instance, has seen its market capitalization grow 407% since February 26, 2021, and Tether’s XAUT market valuation swelled by 248% since that day. Presently, PAXG’s and XAUT’s market capitalizations combined equate to just over $1 billion in value.
Pax Gold
Today, there’s just over $1 billion in tokenized gold coins between the top two gold token blockchain projects. The first project, with the largest market capitalization, is pax gold (PAXG) with its $620 billion valuation. The asset-backed coin called PAXG is an ERC20 token built on Ethereum and a single PAXG equates to one fine troy ounce (t oz) London Good Delivery gold (LBMA).
PAXG is issued by Paxos and owners can redeem PAXG “for LBMA-accredited...
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