Coinbase, the largest crypto change in the United States, has announced the opportunity to list a gold -legged Stablecoin.
In a new post on the social media platform X, Coinbase says It is added to pax gold (PAXG) to their listing maps.
A location on Coinbase’s roadmap does not guarantee a future list, but it announces the potential for it to be listed to promote openness and prevent any insider trading.
PAX Gold is an Ethereum (Ethics) -Based token with the support of physical gold and issued by blockchain infrastructure platform PAXOS.
Says The project,
“PAXG Offers Investors A Cost-Effect Way to Own Investment-Grade Physical Gold With All The Benefits of the Blockchain. Each Pax Gold (PAXG) Token is Backed by One Fine Troy Ounce of Gold, Stored in LBMA (London Bullion Market Association) Vaults) Vaults) Vaults Physical Gold, Held in Custody by Paxos Trust Company…
The assigned gold that supports Paxg is … reviewed every month. Paxos is a trust company and guardian regulated by the New York State Department of Financial Services. ”
Paxg is not the only gold -supported Stablecoin on the market.
Tether, the company behind several leading Cryptocurrency Stablecoins, including USDTannounced last week that it Holds $ 770 million in physical gold bullion reserves that support their clutch gold (Xaut) Stablecoin.
Xaut was launched in 2020 and is a digital asset linked to the price of an ounce of physical gold.
According to a Tether Press statement, each token represents direct ownership of gold bars held in secured Swiss vaults.
Generated Picture: Midjourney
