Paxos Gold (PAXG) listed on CoinLoan
CoinLoan’s aim is to make top coins work under the same roof. Today, we welcome PAXG, physical gold on the blockchain, in our family. This stablecoin is now available as collateral for crypto-backed loans and as a regular asset in Wallet.
What is Paxos Gold (PAXG)
PAXG is an ERC20 token on the Ethereum blockchain. This commodity-backed stablecoin is issued by Paxos, a for-profit company based in New York. Each token is backed by 1 troy fine ounce of 400 oz London Good Delivery gold bar custodied in Brink's vaults managed by Paxos. Its market value is meant to mirror the physical gold.
PAX token was approved by the New York financial regulator. Its popularity is growing amid the fact that millions of users trust this stablecoin, as it conducts a full audit and proves that its assets are fully secured. No wonder market capitalization of PAXG has grown to over $60M in just 1 year.
How PAXG works on CoinLoan
Currently, the token gives CoinLoaners two options:
- The coin is available in Wallet. So you can deposit and withdraw it along with other assets on CoinLoan.
- If you hold Paxos Gold, you can use it as collateral to borrow stablecoins or fiat assets in Instant Loans.