Paxos: Gold-backed stablecoin PAXG reaches $500 million market value, a record high

Odaily News Stablecoin issuer Paxos recently published an article on X stating that the market value of its gold-pegged stablecoin PAXG has reached US$500 million, a record high. Paxos said that each PAXG token is backed by one ounce of troy gold, which is stored in the vault of the London Gold Exchange LBMA.