Paxos Labs launches PAXGy token backed by PAX Gold
crypto.newsLawrence Mondal
Paxos Labs has launched PAXGy, a token built on PAX Gold that is designed to increase the amount of PAXG a holder can redeem as its reserves earn returns from gold leasing. Holders can deposit PAXG or swap accepted stablecoins to receive PAXGy. Paxos Labs says lending income accrues through a PAXGy-to-PAXG exchange rate, rather than an increase in token balances. PAXGy is available through OKX Gold Earn and X Layer, with access through several onchain platforms. Borrower defaults or losses in the reserve strategies could lower the exchange rate, according to Paxos Labs. According to Paxos Labs’ launch announcement shared with crypto.news, the company deploys the reserves behind PAXGy to vetted institutional gold borrowers.
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