Pax Gold (PAXG) is a commodity-backed, gold stablecoin issued by Paxos. Each token is backed by ONE fine ounce of gold kept in Brinks’ vaults managed by Paxos. Pax Gold allows for exposure to Gold markets without using an ETF, future’s contract, or other derivative product. Pax Gold was initially issued in September 2019 and has seen significant growth in the market capitalization and volume as gold prices have fluctuated significantly in 2020. On November 5, 2020, Paxos Chief Executive Officer and co-founder, Charles Cascarilla, participated in a webinar hosted by the London Bullion Market Association of Digital Gold and stated once stated, “In a digital and global financial system, owning physical gold is cumbersome, outdated investment; it’s not easy to trade, divide, move or leverage against other Investments.” This speech is indicative of the future that Cascarilla sees for Pax.