PAX Gold
Token backed 1:1 by allocated physical gold held in audited vaults.
Deployment
0x45804880de22913dafe09f4980848ece6ecbaf78
PAXG across four dimensions
Signal readings
- Disclosure tier
- voluntary monthly
- Attestation age
- 11 d
- Attestations / 180d
- 6
- DEX liquidity
- $0.00
- Outstanding supply
- $1.87B
- Liquidity / supply
- 0.000%
- Top-10 holder pct
- 24.0%
PAXG supply over time
PAXG · Paxos
Outstanding supply (USD)
PAXG outstanding supply is $1.87B as of Jul 7, 2026. -6.0% over the prior 30 days.
PAXG trust rating since coverage began
PAXG · Verified Capital Trust Rating
Composite rating (0–100)
PAXG rating is 88 as of Jul 7, 2026. -4 points over the prior 30 days.
What closes the gap — and who closes it
PAXG has no yield by design — each token represents 1 troy oz of physical gold. The Yield Accuracy dimension scores against the LBMA gold spot price, but the LBMA benchmark collector is not yet wired.
What would close it
Daily gold spot price reference becomes part of our measurement set — already collected, integration shipping next.
- ·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 (LBMA).
- ·LBMA benchmark collector not yet wired. yield dimension uses pegWithoutRate fallback until LBMA feed is live.
Score impact: yield score: pegWithoutRate = 5/25 until LBMA benchmark collector is wired. Same as XAUT.
Paxos publishes monthly attestation reports for PAXG reserves at paxos.com/paxgold. No fetcher has been written yet — the URL is documented but not ingested.
What would close it
Paxos's existing monthly attestation reports become part of our daily measurement set.
- ·proxyOwner() = .
- ·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.
Score impact: governance sub-score: single_eoa + transparent_proxy. Same score band as BUIDL/BENJI (~7/25).
paxos.com/paxgold
- ·Paxos publishes monthly attestation reports for PAXG gold reserves via paxos.com/paxgold.
- ·Etherscan token page links to paxos.com/paxgold.
- ·This is one of the better-documented reserve attestation programs among commodity-backed tokens. attestationFreshness score depends on report cadence (monthly = moderate freshness).
Score impact: attestationFreshness: monthly cadence — score depends on days since last report. Better than XAUT (no attestation) but lower than daily/weekly instruments.
- ·Contract tab: AdminUpgradeabilityProxy, same implementation as PAXG token.
- ·Paxos internal proxy.
- ·Excluded.
Score impact: Removed from top-10 concentration calc.
- ·Contract tab: AdminUpgradeabilityProxy, same implementation as PAXG token.
- ·Paxos internal proxy.
- ·Excluded.
Score impact: Removed from top-10 concentration calc.
- ·Contract tab: AdminUpgradeabilityProxy, same implementation as PAXG token.
- ·Paxos internal proxy.
- ·Excluded.
Score impact: Removed from top-10 concentration calc.
- ·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.
Score impact: These 5 exchange holders total ~9.19% of supply. Once excluded, post-exclusion top-10 will be very low (only the 4 confirmed proxy addresses, now removed, plus whatever unlabeled holders fall in). With 89,556 total holders, concentration score likely 25/25 once all exchanges excluded.
Etherscan label "Exchange". Kraken custody account. Excluded.
Score impact: Removed from top-10 calc.
- ·Etherscan label "Exchange".
- ·Paxos exchange custody account.
- ·Excluded.
Score impact: Removed from top-10 calc.
Etherscan label "Exchange". Kraken custody account. Excluded.
Score impact: Removed from top-10 calc.
- ·Etherscan label "Exchange".
- ·Paxos exchange custody account.
- ·Excluded.
Score impact: Removed from top-10 calc. All top-10 PAXG holders now excluded (ranks 1-10 all exchange or Paxos proxy). Post-exclusion concentration: 0% from visible top 10. Score: 25/25.
- ·Etherscan label "Exchange".
- ·Binance custody account.
- ·Excluded.
Score impact: Removed from top-10 calc.
- ·Contract tab: AdminUpgradeabilityProxy (Solidity 0.4.24), same implementation as PAXG token itself (0x74271F22...0354be42a).
- ·Paxos internal proxy contract.
- ·Excluded.
Score impact: Removed from top-10 concentration calc.
Resolved anomalies
Jun 13, 2026
→ Jun 14, 2026
Total trust score dropped 25pts (88 → 63, band: limited)
Jun 11, 2026
→ Jun 11, 2026
Total trust score dropped 25pts (88 → 63, band: limited)
Jun 9, 2026
→ Jun 9, 2026
Outstanding supply increased 72.8% step-to-step ($1.15B → $1.99B). Verify against onchain totalSupply and price source. Run: npm run trace paxg_eth
Jun 9, 2026
→ Jun 9, 2026
Total trust score dropped 25pts (88 → 63, band: limited)
Jun 6, 2026
→ Jun 8, 2026
Total trust score dropped 15pts (62 → 47, band: rated)
PAXG is scored across the same four dimensions as every other rated instrument — Disclosure Quality, Redemption Liquidity, Structural Trust, and Holder Concentration. Each dimension contributes up to 25 points. The dimension breakdown above shows where the score comes from; the diligence trail shows every verified fact behind it.
Read the full methodology →