Crypto Exchange Coinbase Adds Gold-Pegged Stablecoin PAXG to Listing Roadmap
Coinbase, the leading cryptocurrency exchange in the United States, has recently hinted at the potential listing of a gold-pegged stablecoin on its platform. The announcement was made through a post on the social media platform X, where Coinbase revealed that PAX Gold (PAXG) has been added to its listing roadmap.
While being included in Coinbase’s roadmap does not guarantee a listing, it signifies the possibility of PAX Gold being added to the exchange in the future. This move is aimed at promoting transparency and preventing any potential insider trading activities.
PAX Gold is an Ethereum-based token that is backed by physical gold and is issued by Paxos, a blockchain infrastructure platform. According to Paxos, PAX Gold offers investors a cost-effective way to own investment-grade physical gold while leveraging the benefits of blockchain technology. Each PAX Gold token is backed by one fine troy ounce of gold stored in LBMA vaults in London, with the allocated gold being audited monthly.
It is worth noting that PAXG is not the only gold-backed stablecoin available in the market. Tether, the company behind popular cryptocurrency stablecoins like USDT, recently announced that its Tether Gold (XAUT) stablecoin is backed by $770 million in physical gold bullion reserves. Launched in 2020, XAUT is pegged to the price of one ounce of physical gold and represents direct ownership of gold bars held in secured Swiss vaults.
This development highlights the growing interest in gold-backed digital assets within the cryptocurrency space. As more investors seek exposure to traditional assets like gold through blockchain technology, the demand for stablecoins backed by physical commodities is expected to rise.
For the latest updates on cryptocurrency news and developments, be sure to follow us on X, Facebook, and Telegram. Subscribe to our email alerts to stay informed about price action and explore the diverse content offered on The Daily Hodl Mix.
Source: The Daily Hodl
Image Credit: Midjourney
