PAX Gold (PAXG) - Fundamental Analysis March 2026

PAX Gold (PAXG): Comprehensive Cryptocurrency Overview

Core Technology and Blockchain Architecture

PAX Gold (PAXG) is an ERC-20 token operating on the Ethereum blockchain, launched in September 2019 by Paxos Trust Company. Each PAXG token represents direct ownership of one fine troy ounce of London Good Delivery (LBMA-accredited) gold stored in professional vault facilities operated by Brink's in London. The token functions as a digital representation of allocated physical gold, enabling fractional ownership and instant transferability while maintaining the intrinsic value of the underlying commodity.

The smart contract architecture employs OpenZeppelin's Unstructured Storage proxy pattern, allowing for upgradeable functionality while maintaining the same contract address. The implementation includes centralized minting and burning mechanisms controlled by Paxos Trust Company, ensuring that token supply always matches the physical gold held in custody. The contract supports standard ERC-20 functions including transfer, approve, and transferFrom operations, with 18 decimal places enabling micro-transactions down to fractional ounces.

PAXG operates on Ethereum's Proof-of-Stake consensus mechanism (transitioned from Proof-of-Work in September 2022) and leverages Chainlink's data oracle service to provide real-time gold price information to the blockchain, ensuring accurate pricing for token creation and redemption. Transactions settle in minutes rather than the days required for physical gold transfers, eliminating T+2 day delays inherent in conventional commodity markets.

The token has been deployed across multiple blockchain networks beyond Ethereum's mainnet:

Current Market Data and Supply Metrics

As of March 1, 2026, PAXG demonstrates substantial market presence and liquidity:

The token's price tracks the underlying gold market with remarkable consistency, maintaining a 1:1 peg to one troy ounce of physical gold. The 7-day gain of 4.11% reflects broader strength in precious metals markets during early 2026.

Tokenomics: Supply, Distribution, and Mechanics

Supply Structure and Dynamics

PAXG operates under a fully collateralized, demand-driven supply model with no fixed maximum supply cap. The circulating supply as of March 2026 stands at approximately 473,806 tokens, with total supply equal to circulating supply. This structure contrasts sharply with traditional cryptocurrencies that employ fixed maximum supplies or inflationary schedules.

The supply mechanism is entirely responsive to user demand through a mint-and-burn model. When investors purchase PAXG through the Paxos platform, the company acquires physical gold and mints corresponding tokens. Conversely, when tokens are redeemed, they are burned and the underlying gold is sold or delivered. This mechanism ensures the circulating supply always matches allocated gold in custody, eliminating fractional reserve risk.

Fee Structure and Cost Advantages

Paxos charges minimal fees for token creation and destruction, approximately 0.02% for institutional customers. Users also pay standard Ethereum network gas fees for on-chain transfers, typically a few cents per transaction. Critically, PAXG holders incur no ongoing custody or storage fees, a substantial advantage over traditional alternatives:

This fee structure means that a $100,000 PAXG holding costs nothing annually, whereas the same amount in a traditional gold ETF would incur $190–$400 in annual fees. Over a 20-year holding period, this difference compounds significantly.

Inflation and Deflation Mechanics

PAXG exhibits neither inflation nor deflation in the traditional sense. The token supply expands when demand for gold ownership increases and contracts when holders redeem tokens. The value of each token tracks the spot price of gold, maintaining a 1:1 peg to one troy ounce of physical gold. There are no interest rate policies, open market operations, or lending of underlying gold reserves that would alter the fundamental supply-to-backing ratio.

London Good Delivery Gold Backing and Custody

Each PAXG token is backed by a fraction of a 400-ounce London Good Delivery gold bar that meets London Bullion Market Association (LBMA) accreditation standards. London Good Delivery bars represent the highest purity and quality benchmark in global precious metals markets, with strict specifications for weight, fineness, and physical characteristics. Paxos acquires gold exclusively through LBMA-cleared channels, ensuring all backing gold meets these rigorous standards.

Physical gold backing PAXG is stored in Brink's Security vaults located in London, one of the world's most trusted custodians for precious metals. Paxos Trust Company maintains legal custody of the gold on behalf of token holders. Critically, in the event of Paxos bankruptcy, the gold is legally separated from the company's balance sheet and remains protected as customer assets—a bankruptcy-remote structure that provides institutional-grade protection.

Token holders can view the serial number, weight, and fineness of their specific allocated gold bars through the Paxos platform, providing transparency and verifiable ownership of physical assets. This allocated ownership model contrasts with unallocated gold accounts where specific bars are not assigned.

Redemption Options

PAXG holders have multiple redemption pathways:

• Allocated Physical Gold: Institutional customers can redeem for specific London Good Delivery bars (minimum 430 PAXG tokens, approximately $2.3 million at current prices)
• Unallocated Loco London Gold: Institutional customers can redeem for unallocated gold at current market prices
• Fiat Currency: Redemption for USD at current gold market prices with minimal processing delays
• Fractional Redemption: Retail customers holding less than 430 PAXG can convert to USD or unallocated gold through Paxos or authorized partners

Audit and Verification Processes

Independent accounting firms conduct monthly audits to verify that PAXG token supply matches physical gold reserves held in custody. These audits are performed by third-party firms such as KPMG and Withum and are made publicly available, ensuring transparency and accountability. Paxos publishes monthly independent attestation reports from KPMG verifying 1:1 gold backing in accordance with AICPA standards. These reports are publicly available, enabling real-time verification of reserves. In contrast, competitors like Tether Gold publish quarterly attestations, providing less frequent transparency.

Additional security measures include:

• Smart Contract Audits: Regular code reviews by security firms including ChainSecurity and CertiK to identify vulnerabilities
• Transaction Monitoring: Paxos uses third-party analytical tools to monitor all PAXG transactions and investigate potential fraud or money laundering
• Blockchain Transparency: All token transfers, creation, and redemption history is permanently recorded on the Ethereum blockchain, allowing public verification
• SOC 1 Type 1 and Type 2 Audits: Implemented for commodities operations using Withum as external auditor

Primary Use Cases and Real-World Applications

Direct Gold Ownership and Trading

PAXG enables 24/7 trading of gold on cryptocurrency exchanges without the friction of physical storage, insurance, and transportation. Minimum purchases begin at 0.01 PAXG (approximately $50 at current gold prices), democratizing access to investment-grade gold previously available only to institutional buyers. A traditional 400-ounce London Good Delivery bar costs approximately $1.8 million, placing it beyond reach for most individual investors. PAXG eliminates this barrier.

Portfolio Diversification and Inflation Hedging

As a commodity-backed asset, PAXG provides inflation hedging and portfolio stability. Gold's historical inverse correlation with equities and currencies makes PAXG valuable for risk management during market volatility. Crypto-native organizations and DAOs can hold PAXG as a non-correlated asset to diversify treasuries away from pure USD-pegged stablecoins. MakerDAO has integrated PAXG into its reserves for this purpose, and other protocols have followed suit to strengthen balance sheets with tokenized gold's stability.

DeFi Integration and Yield Generation

Unlike physical gold, which generates no yield, PAXG can be deployed in decentralized finance protocols to earn passive income. As of 2025, over $500 million in PAXG was reportedly locked in DeFi applications, creating additional utility streams beyond simple ownership.

Lending Platforms: PAXG can be supplied to lending protocols such as Aave and Compound, where users earn interest on their holdings. Historical lending yields on PAXG have ranged from 2–8% APY depending on market conditions and platform demand.

Collateral for Borrowing: Users can deposit PAXG as collateral to borrow other assets at loan-to-value ratios (typically 50% LTV on platforms like Aave and MakerDAO), enabling gold carry trades and leveraged strategies while maintaining exposure to gold's stability. This functionality is unavailable with physical gold or traditional ETFs.

Liquidity Pools: PAXG can be provided to decentralized exchanges (Uniswap, Curve) to earn trading fees from users swapping between PAXG and other assets.

Staking and Yield Farming: PAXG can be locked in yield farming protocols to earn additional rewards, converting a traditionally inert asset into a productive one.

Institutional Settlement and Cross-Border Transfers

PAXG reduces settlement risk compared to traditional gold trading by enabling near-instant on-chain settlement, eliminating T+2 day delays inherent in conventional commodity markets. A transaction that would require days and significant insurance costs for physical gold can be completed in minutes via Ethereum, with only network fees and the 0.02% creation/destruction fee.

Founding Team, Key Developers, and Project History

Charles Cascarilla — CEO and Co-Founder

Charles Cascarilla is the CEO and co-founder of Paxos Trust Company, based in New York. He brings deep institutional finance and investment management experience to the role. Prior to founding Paxos in 2012, he co-founded Cedar Hill Capital Partners in 2005, an institutional asset management complex comprising hedge funds, venture capital funds, and private equity funds with a focus on global financial services. He also co-founded Liberty City Ventures in 2012, a venture capital fund dedicated exclusively to Bitcoin and digital currency-related startups—a move that signaled his early conviction in blockchain infrastructure well before mainstream adoption.

Cascarilla's background spans portfolio management at Goldman Sachs and Bank of America, where he worked as a research analyst covering financial services companies. He subsequently worked at multiple hedge funds before launching Cedar Hill. During the 2007-2008 financial crisis, Cascarilla and his team gained firsthand exposure to systemic failures in clearing and settlement infrastructure, an experience that informed his later vision for blockchain-based financial systems. He read the Bitcoin whitepaper when Bitcoin was valued at only three to four cents and became convinced that blockchain technology could transform financial markets by providing transparency to asset ownership and chain of title.

At Paxos, Cascarilla has been the primary architect of the company's regulatory-first strategy, positioning it as the first New York-regulated trust company for digital assets. He has been a vocal advocate for regulated blockchain infrastructure in Washington policy circles and has co-authored foundational Paxos whitepapers, including the original Paxos Standard (PAX) token paper.

Rich Teo — Co-Founder and CEO, Asia

Rich Teo is a co-founder of Paxos and serves as CEO of Paxos Asia, operating out of Singapore. He holds a Bachelor of Business Administration (BBA) in Accounting, Finance, Corporate Strategy, and International Business from the University of Michigan's Stephen M. Ross School of Business.

Teo's crypto credentials date back to 2012, when he was involved in launching one of the earliest Bitcoin exchanges—a move he describes as a contrarian bet requiring "research, knowledge, and a bit of imagination." He has cited his experience betting against the U.S. housing market in 2006 as formative in his approach to identifying asymmetric opportunities. At Paxos, Teo leads the company's Asia-Pacific expansion strategy and has been a prominent voice on tokenization in treasury operations, most recently moderating a panel at Singapore FinTech Festival 2025 alongside leaders from Deutsche Bundesbank, Fireblocks, and Temasek. He is also closely associated with Paxos's role in issuing BUSD (Binance USD), the now-discontinued stablecoin issued in partnership with Binance.

Company History and Regulatory Milestones

Paxos Trust Company was founded in 2012 by Charles Cascarilla and Rich Teo. The company initially launched as itBit, operating as an institutional bitcoin exchange based in Singapore. In 2015, the company changed its legal name to Paxos Trust Company and received a limited-purpose trust charter from the New York State Department of Financial Services (NYDFS), becoming the first company in the United States approved and regulated to offer cryptocurrency products and services.

In September 2018, Paxos launched Paxos Standard (PAX), one of the industry's first regulated stablecoins, fully backed 1:1 by USD reserves. This launch demonstrated the company's expertise in asset-backed digital tokens and regulatory compliance. In September 2019, Paxos introduced PAX Gold (PAXG), the first regulated gold-backed digital token approved by NYDFS, leveraging the company's regulatory standing and custody infrastructure.

In August 2025, Paxos filed an application to convert its NYDFS limited-purpose trust charter to a national trust charter under the Office of the Comptroller of the Currency (OCC). On December 12, 2025, the OCC conditionally approved this conversion, making Paxos the first blockchain infrastructure company to receive federal trust bank oversight. Upon completion of the conversion, Paxos Trust Company operates as Paxos Trust Company, National Association under OCC Charter Number 25379, with all U.S.-based activity subject to federal supervision. This regulatory evolution represents a watershed moment for the industry, as PAXG became "the only institutional-grade gold-backed token issued under federal regulatory oversight in the world."

Key Executive Team

Walter Hessert — Head of Strategy and Business Development Walter Hessert serves as Head of Strategy and Business Development at Paxos, a role he has held since January 2018, giving him over eight years of tenure at the company as of early 2026. Based in New York, Hessert holds a degree from the University of Notre Dame. His role encompasses corporate strategy, partnership development, and business expansion initiatives across Paxos's product lines. He has been an active public voice on Paxos's strategic direction, including commentary on the company's acquisition of Fordefi, an institutional MPC (multi-party computation) wallet platform, which Paxos announced in late 2025.

Elizabeth O'Dea — Chief Trust Officer O'Dea serves as Chief Trust Officer at Paxos Trust Co., N.A., overseeing the trust, custody, and compliance functions that underpin Paxos's regulated product suite, including PAXG. Her expertise spans financial services back-office operations, global custody, blockchain technology, settlement, and regulatory compliance.

Joshua Rosner — Chief Policy Advisor A Managing Partner at Graham Fisher & Co. and a New York Times bestselling author, Rosner serves as Chief Policy Advisor to Paxos Trust. His role focuses on financial policy and regulatory analysis, helping Paxos navigate its relationships with regulators including the NYDFS and the OCC. His appointment reflects Paxos's emphasis on regulatory engagement as a core business strategy.

James Nathan — Director, Precious Metals James Nathan is the Director of Precious Metals at Paxos, based in the United Kingdom, and is the operational lead most directly relevant to PAXG. He established the Product Operations and Customer Success teams for Paxos's commodities business line, authored the operational procedures and risk framework for the precious metals division, implemented SOC 1 Type 1 and Type 2 audits for commodities, and owns Paxos's SWIFT membership for the commodities business. He also led the institutional KYC/AML onboarding framework for the commodities line in coordination with the Compliance team.

Josh Giles — Senior Director, Engineering Giles has served as Director of Engineering at Paxos since April 2021, based in Tampa, Florida. His technical expertise spans blockchain architecture, infrastructure, settlement systems, securities, and metals—making him a key figure in the engineering teams that support PAXG's on-chain infrastructure.

Tero Reuna — CEO, Paxos Issuance Europe Appointed in September 2025, Reuna leads Paxos's European operations as CEO of Paxos Issuance Europe, based in Helsinki, Finland. He is responsible for EMEA growth, regulatory engagement, and driving adoption of Paxos's stablecoin and tokenization products across European fintechs and banks.

Funding and Organizational Scale

As of April 2021, Paxos had raised over $540 million in funding from prominent investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital, PayPal Ventures, Bank of America, and Coinbase Ventures. As of early 2026, Paxos operates as a privately held financial services firm with 201–500 employees, headquartered in New York with regional operations in Singapore (Paxos Digital Singapore), the Middle East (Paxos Middle East, Abu Dhabi), and Europe (Paxos Issuance Europe, Helsinki).

Consensus Mechanism and Network Security Model

PAXG does not operate its own blockchain or consensus mechanism. Instead, it leverages Ethereum's Proof-of-Stake consensus, which secures the network through validator participation. The token's security relies on multiple layers:

Blockchain Security: Ethereum's distributed consensus ensures transaction immutability and prevents double-spending. The network's security is maintained by thousands of validators globally. Ethereum's transition to Proof-of-Stake in September 2022 enhanced energy efficiency while maintaining security guarantees.

Custodial Security: Physical gold backing is secured in LBMA-accredited vaults operated by Brink's, one of the world's most established precious metals custodians. The gold is fully insured against theft and loss through comprehensive insurance policies. The bankruptcy-remote structure ensures that even in the event of Paxos insolvency, customer gold remains protected.

Regulatory Oversight: Paxos Trust Company operates under federal oversight from the U.S. Office of the Comptroller of the Currency (OCC) as of December 2025, supplementing its New York State Department of Financial Services (NYDFS) charter. This dual regulatory framework ensures regular audits, capital requirements, and consumer protection mandates. The OCC approval represents unprecedented federal-level supervision of a blockchain infrastructure company.

Smart Contract Security: The PAXG smart contract has undergone independent security audits by ChainSecurity and formal verification audits by CertiK. The contract uses a proxy pattern allowing upgrades while maintaining asset security. Regular code reviews and security assessments ensure the contract remains resilient against emerging threats.

Key Partnerships and Ecosystem Integrations

Exchange Listings and Trading Platforms

PAXG is traded on major centralized exchanges including Binance, Coinbase, Kraken, OKX, Gemini, Bullish, MEXC, BingX, and Gate.io. This broad exchange coverage provides global liquidity and accessibility. In Q4 2025, PAXG was newly listed on OKX spot markets and WEEX futures, expanding trading accessibility. In December 2024, Deribit (a leading derivatives exchange) partnered with Paxos to launch PAXG spot, perpetual, futures, and options trading. Within the first week, Deribit trading volume exceeded $250 million in notional value for gold.

DeFi Protocol Integration

PAXG is integrated into leading DeFi lending protocols including Aave and Compound, where it functions as collateral for borrowing and as a yield-generating asset. Users can earn 2–6% APY on PAXG through various lending platforms. MakerDAO has integrated PAXG into its collateral framework and holds PAXG in the protocol's reserves. Uniswap and Curve Finance provide liquidity pools for PAXG trading and liquidity provision.

Blockchain Network Expansions

In September 2024, Paxos announced integration with Arbitrum, making Arbitrum One the first Layer 2 network to integrate with Paxos's tokenization platform. In October 2024, Paxos announced plans to expand to the Stellar network in collaboration with the Stellar Development Foundation, facilitating institutional adoption of regulated stablecoins and tokenized assets.

Custody and Gold Sourcing

Paxos maintains partnerships with Brink's for vault storage and INTL FCStone (formerly StoneX) for gold sourcing and live pricing data. These relationships ensure reliable access to LBMA-accredited gold and real-time market pricing. Chainlink's data oracle service provides real-time gold price information to the blockchain, ensuring accurate pricing for token creation and redemption.

Institutional Partnerships

Paxos has established relationships with PayPal, Interactive Brokers, Mastercard, and Mercado Libre for various blockchain infrastructure services, enhancing institutional credibility. In October 2024, Paxos launched a new stablecoin payments platform with Stripe as the first customer, supporting instant conversions between USD and PYUSD, USDP, and USDC. In December 2024, Paxos partnered with Standard Chartered to enhance Global Dollar (USDG) and Lift Dollar (USDL) reserve management. In February 2026, Confirmo announced integration of Paxos's regulated trust and custody infrastructure to offer compliant digital asset deposits, payouts, and custody services to U.S. businesses.

Global Dollar Network

Paxos's Global Dollar Network includes over 90 partners and currently holds just under $1 billion in assets under management. The network includes major exchanges (Kraken, Robinhood, OKX), payment companies, and DeFi platforms leveraging USDG for payments, settlements, and treasury applications.

Competitive Advantages and Unique Value Proposition

Regulatory Legitimacy and Federal Oversight

PAXG's most significant competitive advantage is its regulatory framework. In December 2025, Paxos received OCC approval, making PAXG "the only institutional-grade gold-backed token issued under federal regulatory oversight in the world." This federal-level supervision, combined with NYDFS oversight, provides unmatched regulatory clarity compared to competitors like Tether Gold (XAUT). The regulatory foundation provides institutional-grade compliance, customer asset protection, and bankruptcy-remote custody—advantages unavailable with unregulated competitors.

Transparency and Audits

Paxos publishes monthly independent attestation reports from KPMG verifying 1:1 gold backing in accordance with AICPA standards. These reports are publicly available, enabling real-time verification of reserves. In contrast, Tether Gold publishes quarterly attestations, providing less frequent transparency. Paxos maintains a public lookup tool allowing PAXG holders to verify the serial number, weight, and physical characteristics of their vaulted gold by entering their Ethereum wallet address.

Allocated Gold Ownership

PAXG holders own specific allocated gold bars identifiable by serial number, weight, and purity. This contrasts with unallocated gold products where ownership is fungible. The allocated ownership model provides direct ownership verification and eliminates counterparty risk associated with unallocated accounts.

Zero Storage Fees

Unlike traditional gold storage (0.5–1.5% annually) and gold ETFs (19–40 basis points annually), PAXG charges no ongoing custody or storage fees. Paxos absorbs these costs as part of its service model, providing a substantial cost advantage for long-term holders.

Instant Redemption and Physical Delivery

PAXG can be redeemed for physical gold, unallocated gold, or USD at current market prices with minimal processing delays. Institutional customers can redeem for unallocated Loco London Gold, while retail customers can redeem through authorized partners or convert to USD. This redemption capability is unavailable with competitors such as Tether Gold (XAUT), which requires a 50-ounce minimum for direct redemption.

DeFi Compatibility and Programmability

As an ERC-20 token, PAXG integrates seamlessly with the broader Ethereum ecosystem, enabling use in DeFi protocols, liquidity pools, and yield-generating strategies. This utility is unavailable with physical gold or traditional ETFs. PAXG enables fractional ownership of gold in fractional amounts as small as 0.01 tokens (approximately $50), democratizing access to investment-grade gold previously requiring minimum purchases of 400-ounce bars.

Competitive Position Relative to Tether Gold

As of December 2025, PAXG held approximately $1.7 billion in market capitalization, though Tether Gold (XAUT) recently surpassed it at $1.8 billion. PAXG maintains higher institutional adoption and regulatory standing, while XAUT benefits from multi-chain support (Ethereum and Tron) and higher trading volumes. However, PAXG's federal regulatory oversight and direct physical redemption capabilities provide structural advantages for institutional adoption.

Current Development Activity and Roadmap Highlights

Recent Developments (2024–2026)

OCC Federal Oversight (December 2025): Paxos transitioned from state-level NYDFS regulation to federal oversight under the Office of the Comptroller of the Currency. This enhancement strengthens institutional trust and positions PAXG as the only federally regulated gold-backed token globally. The approval represents a watershed moment for tokenized real-world assets, establishing a federal regulatory framework for blockchain-based commodity tokens.

Exchange Expansion (Q4 2025): PAXG listings expanded to OKX spot markets and WEEX futures, broadening trading accessibility and liquidity. These additions reflect growing institutional and retail demand for tokenized gold. Deribit's December 2024 partnership enabled spot, perpetual, futures, and options trading for PAXG, creating sophisticated hedging and trading strategies unavailable in traditional gold markets.

DeFi Integration Growth (Ongoing): PAXG's use in decentralized finance continues expanding, with over $500 million locked in lending and yield protocols as of 2025. Integration with Aave, Compound, and other protocols enables users to generate yield on gold holdings. The token's use as collateral in DeFi (e.g., minting DAI against PAXG) demonstrates growing developer ecosystem engagement.

Blockchain Network Expansion: Arbitrum integration (September 2024) and Stellar network expansion (October 2024) broadened the blockchain ecosystems where PAXG can be accessed and utilized. These expansions increase accessibility for users on different blockchain networks and enable new use cases.

Infrastructure Enhancements: Paxos launched Paxos Labs in June 2025 to help institutions integrate DeFi and on-chain products into their platforms. In November 2025, Paxos acquired Fordefi, a multi-party computation (MPC) digital wallet and custody technology startup, enhancing Paxos's custody and wallet capabilities. This acquisition strengthens Paxos's ability to provide institutional-grade custody solutions.

Market Performance: PAXG reached an all-time high of $5,622.81 on January 29, 2026, reflecting strong market demand for gold-backed digital assets. The token's price tracks the underlying gold market, with 2025 seeing significant growth in tokenized gold adoption (177% market cap increase and 1,550% trading volume increase year-over-year).

Development Strategy and Roadmap Focus

Paxos's development strategy emphasizes regulatory strength and exchange growth rather than technical innovation. The company prioritizes:

• Maintaining and expanding regulatory compliance across jurisdictions
• Broadening exchange and wallet integrations
• Deepening DeFi protocol partnerships
• Enhancing institutional adoption through custody and settlement services
• Exploring geographic expansion while navigating evolving regulations (e.g., EU's MiCA framework)

Unlike many cryptocurrency projects, Paxos does not publish a detailed technical roadmap. Development focuses on operational excellence, compliance, and ecosystem integration rather than protocol-level innovations. This approach reflects the company's positioning as a regulated financial institution rather than a decentralized protocol.

Regulatory Challenges and Opportunities

In 2025, Binance delisted PAXG in certain European markets due to MiCA (Markets in Crypto-Assets Regulation) compliance requirements. Paxos is working to establish EU partnerships or registrations to maintain European market access. The company's federal OCC approval positions it well to navigate evolving regulatory frameworks globally, as the federal charter provides a foundation for international regulatory engagement.

Future Outlook

With federal OCC oversight now in place, Paxos is positioned to expand institutional adoption of PAXG. Potential developments include broader integration into traditional financial products, expansion to additional blockchain networks, and increased use in institutional portfolios and settlement systems. The company's focus on regulated, transparent digital assets positions PAXG to benefit from ongoing institutional adoption of tokenized real-world assets, a trend expected to accelerate as regulatory frameworks mature globally.