Coinbase Plans to Include Gold-Backed Stablecoin PAXG in its Future Listings

Unhinged Daily Hodl: The Uncut Edition

Hey, what's gonna be up, folks? Let's cut right to the chase today. We've got some spicy news brewing in the crypto world, so buckle up!

Our Top Pick

Coinbase, the biggest crypto exchange in the US, has put a gold-backed stablecoin, PAX Gold (PAXG), on its listing radar. That’s right! You heard it here first. with no insider trading up our sleeves.

But Wait, What’s PAX Gold?

Ahh, let me enlighten ya. PAX Gold is an Ethereum-based token issued by Paxos, a blockchain infrastructure platform. Each PAXG token equals one fine troy ounce of physical gold stored in London's LBMA (London Bullion Market Association) vaults. No foolin'!

Healthy As a Horse

The gold backing PAXG gets audited monthly. You know, just to make sure everything's on the up and up. Paxos, the trust company and custodian in charge, is regulated by New York State's Department of Financial Services. So, it's legit!

Gold-Pegged Pals

Remember Tether, the company behind various crypto stablecoins, like the USDT? Well, they've got a gold-backed stablecoin too—Tether Gold (XAUT). Launched back in 2020, XAUT is a digital token worth one ounce of actual gold. Each XAUT token represents ownership of gold bars kept in secure Swiss vaults. Neato, huh?

Stay Tuned

Listen close now, folks. A listing on Coinbase's roadmap doesn't ensure a future listing, but it's just our way of being transparent. No spoons here. So, no need to binge-watch or anything!

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Stay wrecked, homies!

Market Action

Staggering figures, right? Here they are:

Bitcoin: $96,374.82, up 1.45%
Ethereum: $1,799.89, up 0.71%
PAX Gold: $598.72, up 0.25%
Tether Gold: $1,460.20, up 0.81%

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Sources:

Paxos
The Block
Decrypt
Coinbase

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Enrichment Data:

PAX Gold (PAXG) is a gold-backed stablecoin issued by Paxos, a blockchain infrastructure platform. Each PAXG token is backed by one fine troy ounce of physical gold stored in LBMA (London Bullion Market Association) vaults in London. The gold reserves are audited monthly, and Paxos is regulated by the New York State Department of Financial Services.

COINBASE ADDS PAX GOLD (PAXG) TO LISTING ROADMAP, POTENTIAL FUTURE LISTING INDICATED

Coinbase, a popular cryptocurrency exchange, recently announced its possible listing of PAX Gold (PAXG), a gold-backed stablecoin issued by Paxos. According to the exchange, adding PAXG to its listing roadmap does not ensure a future listing but aims to promote transparency and prevent insider trading.

PAX Gold (PAXG) is a digital asset backed by one fine troy ounce of physical gold. The project aims to offer a cost-effective way for investors to own investment-grade gold, with its unique benefits drawn from blockchain technology.

In the press release, PAX Gold (PAXG) stated that each Pax Gold (PAXG) token represents ownership of physical gold, which is held in custody by Paxos Trust Company. Furthermore, the allocated gold that backs PAXG is audited monthly, and Paxos is a regulated trust company under the New York State Department of Financial Services.

Tether Gold (XAUT) is another gold-backed stablecoin, issued by Tether, a company known for its leading stablecoins like USDT. Tether Gold (XAUT) is pegged to the price of one ounce of physical gold, and each token represents ownership of a gold bar stored in secure Swiss vaults.

It is worth noting that while both PAX Gold (PAXG) and Tether Gold (XAUT) are gold-backed stablecoins, their storage and regulatory frameworks differ. Specifically, PAX Gold (PAXG) is audited monthly, and backed by physical gold stored in London, while Tether Gold (XAUT) is stored in Swiss vaults and the specifics about the gold’s storage are less detailed.

PAX Gold (PAXG) is currently not available on Coinbase, but its listing on the exchange's roadmap could signify the potential for its future listing. Consequently, this could bring further liquidity and exposure to the token, potentially boosting its market uptake and value.

The addition of PAX Gold (PAXG), a gold-backed stablecoin backed by one fine troy ounce of physical gold stored in London's LBMA vaults, to Coinbase's listing radar may indicate a future listing, providing more liquidity and exposure to the crypto market.
In the cryptocurrency world, not only Bitcoin and Ethereum have been making headlines; gold-backed stablecoins like PAX Gold (PAXG) and Tether Gold (XAUT) are also gaining popularity, offering a unique blend of traditional finance and blockchain technology.