What is PAXG's quality score?

PAXG (Paxos) scores 92/100 on OnChain Benchmark's RWA Quality Rating — Verified Capital, as of Oct 11, 2026 (methodology v1.6).

How is PAXG's quality score calculated?

OnChain Benchmark scores PAXG across four dimensions, each out of 25: disclosure quality (19/25), redemption liquidity (22/25), structural trust (23/25), and holder concentration (25/25). Each is multiplied by its methodology weight (structural trust ×1.4, holder concentration ×1.3, redemption liquidity ×0.9, disclosure quality ×0.4; weights sum to 4.0) and summed into the 92/100 composite — a weighted, not a plain, sum, so the four dimension scores do not add directly to the total. The full rubric is published at onchainbenchmark.com/methodology.

How concentrated is PAXG's ownership?

OnChain Benchmark scores PAXG's holder concentration 25/25 — one of the four dimensions of its quality rating, measured against free float (circulating supply outside issuer, custody, exchange, bridge and protocol wallets), on Ethereum. A higher score means ownership is more broadly distributed; a lower score means it is held by fewer wallets.

What does Verified Capital mean?

Under OnChain Benchmark methodology v1.6, composite scores grade as Verified Capital (≥ 85), Institutional-grade (≥ 70), Developing (55–69), and Limited (below 55). PAXG scores 92/100, placing it in Verified Capital.

OCB — Quality Rating · Commodities

PAXG Quality Rating

PAXG (Paxos) scores 92/100 on OnChain Benchmark's RWA Quality Rating — rated Verified Capital (methodology v1.6, as of Oct 11, 2026).

Latest onchain read Oct 10, 2026

Updated daily

Quality score

of 100 · Verified Capital

Dimensions measured

of 4

Outstanding supply

$1.83B

as of Oct 10, 2026

Chains

with measured supply

Why PAXG scores 92

The biggest gap in PAXG's score is its regulatory standing.

Each dimension's score is multiplied by its weight and summed: 92.10 of a possible 100, rounded to 92.

Composite

92 / 100

Dimension	Score	Weight	Why it scored this
Structural Trust The issuer is a national trust bank supervised by the OCC. Upgrade factorSEC registration with a PCAOB-registered auditor.	23 / 25	×1.4	The issuer is a national trust bank supervised by the OCC. Upgrade factorSEC registration with a PCAOB-registered auditor.
Redemption Liquidity Retail investors can redeem easily; the top score also needs a deep onchain market alongside it. Upgrade factorOnchain liquidity of at least 0.5% of supply (25).	22 / 25	×0.9	Retail investors can redeem easily; the top score also needs a deep onchain market alongside it. Upgrade factorOnchain liquidity of at least 0.5% of supply (25).
Disclosure Quality Disclosure is current and regular, but it's voluntary rather than required by a regulator. Upgrade factorHoldings reporting required by a regulator.	19 / 25	×0.4	Disclosure is current and regular, but it's voluntary rather than required by a regulator. Upgrade factorHoldings reporting required by a regulator.
Holder Concentration Full marks.	25 / 25	×1.3	Full marks.

OCB Instrument

Outstanding supply

Measured onchain daily, summed across every chain the fund is issued on. Latest reading $1.83B.

Source: OCB Quality Ratings · PAXG · onchainbenchmark.comMeasured daily · Oct 10, 2026

OCB Instrument

Rating history

PAXG’s quality rating, measured daily.

Source: OCB Quality Ratings · PAXG · onchainbenchmark.comRecomputed daily · Oct 11, 2026

Key facts

Issuer, rubric and methodology

Issuer: Paxos
Asset class: Commodities
Rubric: RWA Quality Rating
Methodology: v1.6
Last scored: Oct 11, 2026
What it is: Token backed 1:1 by allocated physical gold held in audited vaults.

Chain

Share of measured supply by chain

With measured supply

Chain	Contract	Share of measured supply
Ethereum	0x458048…cbaf78Explorer ↗	100.0%

Evidence

Verified facts behind the rating

A sample of the verified facts behind PAXG’s score. The full diligence trail is in the terminal.

Facts shown

Dimension	Fact	Finding	Verified	Source
Holder Concentration	Holder investigation	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 an Etherscan Exchange label and are excludable. Binance: Hot Wallet 20 (rank 1, 20.37%) is excluded.	Jun 1, 2026	Etherscan holders tab — labels confirmed, addresses not captured
Holder Concentration	Address exclusion	Etherscan label "Exchange". Kraken custody account. Excluded.	Jun 1, 2026	Etherscan label
Holder Concentration	Address exclusion	Etherscan label "Exchange". Paxos exchange custody account. Excluded.	Jun 1, 2026	Etherscan label
Holder Concentration	Address exclusion	Etherscan label "Exchange". Kraken custody account. Excluded.	Jun 1, 2026	Etherscan label
Holder Concentration	Address exclusion	Etherscan label "Exchange". Binance custody account. Excluded.	Jun 1, 2026	Etherscan label
Holder Concentration	Address exclusion	Etherscan label "Exchange". Paxos exchange custody account. Excluded.	Jun 1, 2026	Etherscan label
Disclosure Quality	Governance finding	proxyOwner() = 0x3Af3e85f4f97De7AD0f000B724Fb77fE5ffc024B. Plain individual wallet — no publicly verified contract source. 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. A single individual wallet controls a smart contract (an upgradeable contract) upgrades on ~$2.09B token — no multi-signature wallet, no timelock. Same risk profile as BUIDL and BENJI.	Jun 1, 2026	Etherscan address page for proxy owner; transaction history showing Freeze and Schedule Next method calls to Paxos token contracts
Disclosure Quality	Governance finding	No getPrice() or equivalent found on the public block explorer 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.	Jun 1, 2026	Etherscan the public block explorer tab

Cite this rating

Reference PAXG’s rating

Every rating carries its methodology version and a stable permalink, so a citation stays accurate after a later rescoring run.

Plain

OnChain Benchmark (2026). PAXG Quality Rating: 92/100 (Verified Capital), as of Oct 11, 2026. Methodology v1.6. https://onchainbenchmark.com/instruments/paxg

Harvard

OnChain Benchmark (2026) 'PAXG Quality Rating', OnChain Benchmark, Verified Capital, 92/100, methodology v1.6. Available at: https://onchainbenchmark.com/instruments/paxg (Accessed: Oct 11, 2026).

BibTeX

@misc{ocb_paxg_2026,
  author = {{OnChain Benchmark}},
  title = {{PAXG Quality Rating}},
  year = {2026},
  note = {92/100, Verified Capital, methodology v1.6},
  url = {https://onchainbenchmark.com/instruments/paxg}
}

Full diligence trail

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.

Open in the terminal →Read the methodology →

Dimension

Score

Structural Trust

The issuer is a national trust bank supervised by the OCC.

Upgrade factorSEC registration with a PCAOB-registered auditor.

23 / 25

Redemption Liquidity

Retail investors can redeem easily; the top score also needs a deep onchain market alongside it.

Upgrade factorOnchain liquidity of at least 0.5% of supply (25).

22 / 25

Disclosure Quality

Disclosure is current and regular, but it's voluntary rather than required by a regulator.

Upgrade factorHoldings reporting required by a regulator.

19 / 25

Holder Concentration

Full marks.

25 / 25

Chain

Share of measured supply

Ethereum

100.0%

Dimension

Finding

Verified

Holder Concentration

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 an Etherscan Exchange label and are excludable. Binance: Hot Wallet 20 (rank 1, 20.37%) is excluded.

Jun 1, 2026

Holder Concentration

Etherscan label "Exchange". Kraken custody account. Excluded.

Jun 1, 2026

Holder Concentration

Etherscan label "Exchange". Paxos exchange custody account. Excluded.

Jun 1, 2026

Holder Concentration

Etherscan label "Exchange". Kraken custody account. Excluded.

Jun 1, 2026

Holder Concentration

Etherscan label "Exchange". Binance custody account. Excluded.

Jun 1, 2026

Holder Concentration

Etherscan label "Exchange". Paxos exchange custody account. Excluded.

Jun 1, 2026

Disclosure Quality

proxyOwner() = 0x3Af3e85f4f97De7AD0f000B724Fb77fE5ffc024B. Plain individual wallet — no publicly verified contract source. 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. A single individual wallet controls a smart contract (an upgradeable contract) upgrades on ~$2.09B token — no multi-signature wallet, no timelock. Same risk profile as BUIDL and BENJI.

Jun 1, 2026

Disclosure Quality

No getPrice() or equivalent found on the public block explorer 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.

Jun 1, 2026

@misc{ocb_paxg_2026, author = {{OnChain Benchmark}}, title = {{PAXG Quality Rating}}, year = {2026}, note = {92/100, Verified Capital, methodology v1.6}, url = {https://onchainbenchmark.com/instruments/paxg} }