OCB — Trust Rating
PAXG Trust Rating
Paxos · Token backed 1:1 by allocated physical gold held in audited vaults.
PAXG (Paxos) scores 88/100 on OnChain Benchmark's Verified Capital Trust Rating — Verified band — across four dimensions: disclosure quality 19/25, redemption liquidity 22/25, structural trust 23/25, and holder concentration 22/25 (methodology v1.2, as of Aug 26, 2026).
Verified Capital Trust Rating
OCB — 01
PAXG across four dimensions
Each dimension is scored out of 25, then multiplied by its weight and summed into the /100 composite — so the four dimension scores are a weighted, not a plain, sum. Last scored Aug 26, 2026 on methodology v1.2.
| Dimension | Score | Weight |
|---|---|---|
| Disclosure Quality | 19 / 25 | ×0.4 |
| Redemption Liquidity | 22 / 25 | ×0.9 |
| Structural Trust | 23 / 25 | ×1.4 |
| Holder Concentration | 22 / 25 | ×1.3 |
| CompositeΣ (score × weight) | 88 / 100 |
OCB — 02
OCB Instrument
Outstanding supply
OCB — 03
OCB Instrument
Rating history
OCB — 04
Evidence behind the rating
A sample of the verified facts behind PAXG's score. Each finding carries a confidence level; the full diligence trail is in the terminal.
- Holder Concentrationholder investigation98% confidence
Ranks 2 (Kraken 246, 3.09%), 3 (Paxos 5, 2.41%), 5 (Kraken 245, 1.40%), 7 (Binance 14, 1.21%), 9 (Paxos 4, 1.08%) all carry Etherscan Exchange label — clearly excludable. Addresses not recorded during 2026-06-01 session. Binance: Hot Wallet 20 (rank 1, 20.37%) address known from prior XAUT work and excluded in migration 0037. Add remaining 5 addresses in follow-up migration.
Verified Jun 1, 2026· Etherscan holders tab — labels confirmed, addresses not captured - Holder Concentrationaddress exclusion98% confidence
Etherscan label "Exchange". Kraken custody account. Excluded.
Verified Jun 1, 2026· Etherscan label - Holder Concentrationaddress exclusion98% confidence
Etherscan label "Exchange". Paxos exchange custody account. Excluded.
Verified Jun 1, 2026· Etherscan label - Holder Concentrationaddress exclusion98% confidence
Etherscan label "Exchange". Kraken custody account. Excluded.
Verified Jun 1, 2026· Etherscan label - Holder Concentrationaddress exclusion98% confidence
Etherscan label "Exchange". Binance custody account. Excluded.
Verified Jun 1, 2026· Etherscan label - Holder Concentrationaddress exclusion98% confidence
Etherscan label "Exchange". Paxos exchange custody account. Excluded.
Verified Jun 1, 2026· Etherscan label - Holder Concentrationaddress exclusion95% confidence
Contract tab: AdminUpgradeabilityProxy (Solidity 0.4.24), same implementation as PAXG token itself (0x74271F22...0354be42a). Paxos internal proxy contract. Excluded.
Verified Jun 1, 2026· Etherscan Contract tab - Holder Concentrationaddress exclusion95% confidence
Contract tab: AdminUpgradeabilityProxy, same implementation as PAXG token. Paxos internal proxy. Excluded.
Verified Jun 1, 2026· Etherscan Contract tab - Holder Concentrationaddress exclusion95% confidence
Contract tab: AdminUpgradeabilityProxy, same implementation as PAXG token. Paxos internal proxy. Excluded.
Verified Jun 1, 2026· Etherscan Contract tab - Disclosure Qualitygovernance finding95% confidence
proxyOwner() = 0x3Af3e85f4f97De7AD0f000B724Fb77fE5ffc024B. Plain EOA — no Contract tab on Etherscan. Active Paxos operations key: issues Freeze calls on PAXG and BUSD tokens, Schedule Next calls on Global Dollar (USDG). 215 total transactions, funded 1yr 75 days ago. Single EOA controls AdminUpgradeabilityProxy (transparent proxy) upgrades on ~$2.09B token — no multisig, no timelock. Same risk profile as BUIDL and BENJI.
Verified Jun 1, 2026· Etherscan address page for proxy owner; transaction history showing Freeze and Schedule Next method calls to Paxos token contracts - Holder Concentrationaddress exclusion95% confidence
Contract tab: AdminUpgradeabilityProxy, same implementation as PAXG token. Paxos internal proxy. Excluded.
Verified Jun 1, 2026· Etherscan Contract tab - Disclosure Qualitygovernance finding90% confidence
No getPrice() or equivalent found on Read as Proxy tab (2026-06-01). Each PAXG = 1 troy oz physical gold. Valuation = totalSupply() * offchain gold spot price (LBMA). The yield dimension uses the pegWithoutRate fallback until the LBMA reference price is part of the daily measurement set.
The commodity_gold methodology uses the Treasury Yield rubric as a placeholder — expected, not a gap.
Verified Jun 1, 2026· Etherscan Read as Proxy tab
OCB — 05
Key facts
- Issuer
- Paxos
- Asset class
- Tokenized Commodities
- Tracked supply
- $2.00Bas of Aug 25, 2026
- Chains
- Ethereum
- Methodology
- v1.2
- Last scored
- Aug 26, 2026
- Rubric
- Verified Capital Trust Rating
The interactive terminal shows every verified fact behind PAXG's rating — the dimension-by-dimension breakdown, scoring history, outstanding supply, anomalies, and the complete evidence trail with sources.