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- Paxos launches PAXG on Solana as part of its regulated multi-chain expansion.
- PAXG remains backed 1:1 by gold stored in LBMA-accredited London vaults.
- Ethereum PAXG holders can bridge tokens without selling or changing custody.
Paxos has launched PAXG on Solana, starting the first stage of its multi-chain expansion across regulated tokenized gold assets. The tokenized gold product was first issued on Ethereum in 2019. Each PAXG token is backed by one fine troy ounce of physical gold.
The company announced the launch in a post on X on Thursday. It said PAXG is backed by gold held in LBMA-accredited vaults in London. The reserves receive monthly attestations from KPMG and separate annual physical audits by Bureau Veritas.
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Paxos Links PAXG Growth to Regulated Tokenized Gold Demand
PAXG is issued by Paxos Trust Company. The firm is a national trust bank regulated by the Office of the Comptroller of the Currency. Paxos said the product gives investors direct gold exposure without physical storage, custody, or insurance work.
The company said every PAXG token is created only after gold is bought and vaulted. This process is meant to keep the token backed 1:1 at all times. Paxos also said custody and transfer are handled at the token level.
The Solana launch comes during rising demand for tokenized gold. Paxos said PAXG has grown more than 300% since 2024 during a strong gold cycle. Investors have used it beside bullion and exchange-traded funds.
Paxos also upgraded PAXG contracts on Ethereum before the expansion. The new contracts support omnichain use across EVM and non-EVM networks. They also preserve compliance controls, supply checks for attestations, and audit access.
The upgraded contracts are open-source and independently audited by Zellic. Paxos said the changes allow PAXG to move across chains without weakening oversight. The update also supports the company’s broader plan for regulated assets on several networks.
Paxos Enables PAXG Bridging From Ethereum to Solana
On Solana, PAXG uses the Token-2022 standard. Paxos uses the same extended token program for PYUSD and USDG stablecoins. The design supports native compliance features, including a permanent delegate extension.
Existing Ethereum PAXG holders can bridge tokens through the Paxos platform. They can also use LayerZero Stargate for the transfer. Paxos said users do not need to sell assets or place them with a new custodian.
The company said the move does not require new attestations. PAXG also carries zero custody fees, according to Paxos. The product settles on-chain, while conventional market settlement can take one or two business days.
PAXG holders can redeem tokens for LBMA Good Delivery bars. The minimum redemption is 430 PAXG. Holders can also redeem for unallocated gold or United States dollars.
Paxos also provides bar-serial tracking through its Gold Allocation Lookup tool. The product has no minimum investment threshold or accredited investor requirement. The company said these features support transparency for token holders.
The launch follows another Paxos expansion move this month. The firm partnered with House of Doge to add Dogecoin to its regulated brokerage and custody infrastructure. That service would let enterprise clients offer DOGE beside Bitcoin, Ethereum, PAXG, and PYUSD.
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