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Paxos: PAXG, a stablecoin anchored to gold, reaches a new high market cap of $500 million
The financial news outlet Jinse reported that the market value of the stablecoin PAXG, which is anchored to gold, issued by the stablecoin issuer Paxos, has reached a new high of $500 million on the X platform. Paxos stated that each PAXG coin is backed by one troy ounce of gold stored in the LBMA gold vault in London. In addition, the spot gold price has been continuously hitting new highs recently, reaching $2670 per ounce yesterday, continuously refreshing historical highs.