Paxos Labs launches PAXGy, a PAXG-backed token that earns from gold leasing
Paxos Labs launched PAXGy, a PAX Gold-backed token whose exchange rate against PAXG rises as its reserves are lent to institutional borrowers in the gold leasing market.
Read this event in español
Why it matters
PAXGy puts a gold-leasing yield behind a token that trades onchain, which Paxos Labs says opens a market that bullion-bank relationships and institutional minimums have kept shut to individual owners. It also shifts PAXG from a token that tracks gold alone to one that tracks a lending strategy, so the exchange rate carries borrower credit risk that holding PAXG does not.
Where the sources disagree
Uniswap's role and trading volume
Uniswap selected as liquidity layer, trading volume at $0
Crypto News (CryptoNews.net)
PAXGy live on Uniswap alongside OKX, X Layer, 0x and Ether.fi
Bitcoin.com News, Crypto News (CryptoNews.net), NewsBTC, Crypto News (CryptoNews.net)
Crypto News said Paxos Labs had selected Uniswap as the liquidity layer and that Uniswap's trading volume stands at $0, while the other outlets described Uniswap as a live PAXGy venue alongside OKX, X Layer, 0x and Ether.fi.
Which venues carry PAXGy
OKX Gold Earn and X Layer, plus unnamed onchain platforms
Crypto.News
OKX, Uniswap, X Layer, 0x and Ether.fi
Bitcoin.com News, Crypto News (CryptoNews.net), NewsBTC, Crypto News (CryptoNews.net)
Crypto.News named OKX Gold Earn and X Layer and referred to unnamed onchain platforms, while the other outlets named Uniswap, 0x and Ether.fi explicitly.
Key facts
Paxos Labs launched PAXGy on Sept. 24, a token backed by PAX Gold.
Reported by Crypto.News
The reserves backing PAXGy are deployed to vetted institutional borrowers in the gold-leasing market.
Reported by Crypto.News
Lease income accrues through the PAXGy-to-PAXG exchange rate, so a holder's token count does not increase.
Reported by Crypto.News
Borrower defaults or losses in the reserve strategies could lower the PAXGy-to-PAXG exchange rate, and the return is not guaranteed.
Reported by Crypto.News
Holders can enter by depositing PAXG or swapping a supported stablecoin for PAXGy.
Reported by Crypto.News
PAXGy is available through OKX Gold Earn and on X Layer, with trading also supported on Uniswap, 0x and Ether.fi.
Reported by Crypto.News
Chainlink's CCIP provides cross-chain messaging so users can move PAXGy between supported networks without closing their positions.
Reported by Crypto News (CryptoNews.net)
Bitcoin.com, citing Paxos Labs, said roughly $530 billion of gold sits in ETFs that can charge fees.
530,000,000,000 USDReported by Bitcoin.com News
What happened
Paxos Labs launched PAXGy on Sept. 24, a token built on PAX Gold that returns income through a rising PAXGy-to-PAXG exchange rate rather than by handing out additional tokens. Crypto.News reported that the reserves are deployed to vetted institutional gold borrowers, and that lease payments raise what each PAXGy is worth in PAXG terms. NewsBTC reported the same mechanism while stating that the return is not guaranteed, and Crypto.News noted that borrower defaults or losses in the reserve strategies could push the exchange rate down. Holders enter by depositing PAXG or swapping a supported stablecoin and can redeem for PAXG, and distribution runs through OKX Gold Earn and X Layer with trading on Uniswap, 0x and Ether.fi, with Chainlink CCIP carrying cross-chain transfers. Bitcoin.com, citing Paxos Labs, put roughly $530 billion of gold in ETFs that can charge fees and quoted a Paxos Labs post saying gold lending has been quoted every working day for fifty years while staying closed to almost everyone who owns the metal. Crypto News reported that Paxos Labs picked Uniswap as the liquidity layer and said Uniswap's trading volume stands at $0, while the other outlets described Uniswap as one of several live venues for PAXGy.
How the story developed
- Official statement
Paxos Labs posts the launch announcement
A Paxos Labs post says gold lending has been quoted every working day for fifty years while staying closed to almost everyone who owns the metal, and that PAXGy is live on OKX and onchain on Uniswap, X Layer, 0x and Ether.fi, powered by Chainlink CCIP. Bitcoin.com, citing Paxos Labs, also put roughly $530 billion of gold in ETFs that can charge fees.
- First report
First report by Crypto.News
Paxos Labs launches PAXGy token backed by PAX Gold
- Update
Crypto.News reports the PAXGy launch
First outlet coverage of the token, describing the PAXG deposit and stablecoin swap entry routes and the exchange-rate mechanism.
- Official statement
Uniswap named as the liquidity layer
Crypto News reported that Paxos Labs selected Uniswap, and put Uniswap's trading volume at $0.
- Official statement
Official statement from Bitcoin.com News
Gold’s 50-Year Money-Making Trick Just Went Onchain
- Update
Bitcoin.com explains the gold-leasing mechanics
Coverage of who borrows metal in the leasing market, including refiners, jewelry manufacturers, miners, bullion banks and central banks.
- Update
NewsBTC states the return is not guaranteed
The outlet noted that the token count stays flat while each PAXG becomes redeemable for more PAXG, and that the return is not guaranteed.
- Update
Crypto News details PAXG custody and cross-chain transfers
Reported that PAXG is backed by physical gold in LBMA vaults, independently verified by KPMG, and that Chainlink CCIP lets users move PAXGy between networks.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 24 Sept 2026, 18:22 UTC: Crypto.News — 1 independent source, 1 reports
- 24 Sept 2026, 20:28 UTC: Crypto News (CryptoNews.net) — 2 independent sources, 2 reports
- 24 Sept 2026, 22:30 UTC: Bitcoin.com News, official — 3 independent sources, 3 reports
- 26 Sept 2026, 03:30 UTC: NewsBTC — 4 independent sources, 5 reports
Affected entities
Also mentioned: Circle, United States
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | Gold’s 50-Year Money-Making Trick Just Went Onchain | Independent | |
| Crypto.News Crypto media | Paxos Labs launches PAXGy token backed by PAX Gold | Original | |
| NewsBTC Crypto media | Paxos Labs Launches Gold Token That Can Earn A Return In Gold | Independent | |
| Crypto News (CryptoNews.net) Aggregator | Uniswap Selected by Paxos Labs for New Tokenized Gold Launch | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Gold's 50-Year Money-Making Trick Just Went Onchain | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Paxos Labs Launches Gold-Backed PAXGy Token | Syndicated |
Related events
Uniswap to launch v4 hooks with ICE Markets and OKX, per Hayden Adams post
Crypto News reported Uniswap plans new v4 hooks with ICE Markets and OKX, a detail taken from a CryptoTwitter post by Hayden Adams, with no launch date given.
Standard Chartered initiates ENA coverage with $2 end-2028 target on USDe-led buybacks
Standard Chartered started coverage of Ethena, forecasting ENA at $2 by end-2028 as USDe supply grows and fee-funded buybacks shrink float.
X 100 Global Loses Millions as Three-Seat Senate Is Hijacked
Tether and Kazakhstan Central Bank Sign MoU to Study Tenge Stablecoin Pilot
Tether signed a memorandum of understanding with Kazakhstan's National Bank and Alatau City Authority to explore a tenge-pegged stablecoin and asset tokenization, though no launch date or blockchain has been set.
Tether deposited $94.6 million of tokenized gold into 15 DeFi platforms
Crypto News reported that Tether deposited $94.6 million of tokenized gold into DeFi across 15 platforms, with Aave holding 68% and Uniswap 19.2%.
OKX reports 139,865 BTC in customer accounts, up 4.07%, in 47th reserve report
OKX's 47th proof-of-reserves report, based on a Sept. 8 snapshot, lists 139,865 BTC in customer accounts, up 4.07% from August, against a 109% reserve ratio.
