title: Coinbase Lists Its Roadmap to Potentially List a Gold-Pegged Stablecoin

input: Coinbase, the largest crypto exchange in the US, has announced the possibility of listing a gold-pegged stablecoin.

Coinbase, the largest cryptocurrency exchange in the US, is exploring the possibility of listing a gold-pegged stablecoin.

On X, Coinbase announced that it’s adding PAX Gold (PAXG) to its listing roadmap.

A placement on Coinbase’s roadmap does not necessarily guarantee a future listing on the exchange. Rather, it signals which tokens the exchange is considering listing in order to promote transparency and prevent any insider trading.

PAXG is an Ethereum (ETH)-based token backed by physical gold and issued by Paxos.

As explained by the project,

“PAXG provides investors with a convenient and cost-effective way to gain exposure to investment-grade physical gold with the benefits of blockchain technology. Each Pax Gold (PAXG) token is backed by one fine troy ounce of gold, which is stored in LBMA (London Bullion Market Association) vaults in London. If you own PAXG, you own the underlying physical gold, which is held in custody by Paxos Trust Company…

“PAXG provides investors with a convenient and cost-effective way to gain exposure to investment-grade physical gold with the benefits of blockchain technology. Each Pax Gold (PAXG) token is backed by one fine troy ounce of gold, which is stored in LBMA (London Bullion Market Association) vaults in London. If you own PAXG, you own the underlying physical gold, which is held in custody by Paxos Trust Company…

The allocated gold that backs PAXG is periodically audited on a monthly basis by an independent third-party accounting firm. Paxos is a trust company and custodian regulated by the New York State Department of Financial Services.”

The allocated gold that backs PAXG is periodically audited on a monthly basis by an independent third-party accounting firm. Paxos is a trust company and custodian regulated by the New York State Department of Financial Services.”

PAXG is not the only gold-backed stablecoin available.

Last week, Tether, the company behind several major cryptocurrency stablecoins, including USDT, revealed in its latest monthly treasury report that it holds $770 million in physical gold bullion reserves backing its Tether Gold (XAUT) stablecoin.

Launched in 2020, XAUT is a digital asset pegged to the price of one ounce of physical gold.

According to a Tether press statement, each token represents direct ownership of gold bars held in secured Swiss vaults.