Seoul, South Korea, Monday, October 07, 2024 – Paxos Gold (PAXG) has surpassed $500 million in total locked value (TVL), reaching $508 million. This milestone reflects increasing interest from traditional finance (TradFi) in gold-backed cryptocurrency, following PAXG’s launch on July 9, when its initial TVL was $434 million.
Paxos Gold is a digital token backed by physical gold, with each token representing one troy ounce of London Good Delivery gold. It offers investors a combination of gold’s stability and the flexibility of blockchain technology. PAXG tokens can be redeemed for physical gold or traded on crypto exchanges.
This growing interest in PAXG illustrates how TradFi investors, often cautious about digital assets, are embracing familiar commodities like gold in the crypto space. As more traditional assets are tokenized, this trend could lead to increased liquidity and credibility for the crypto ecosystem.
The involvement of regulated entities such as Paxos enhances the legitimacy of digital assets, signaling potential for further collaboration between traditional and crypto finance.
While the broader crypto market remains volatile, gold-backed tokens like PAXG offer a potential stable alternative within the space, bridging the gap between traditional and digital finance.
