Paxos' Gold-Backed Stablecoin PAXG Reaches $500 Million Market Cap

According to Odaily, stablecoin issuer Paxos recently announced on X that its gold-backed stablecoin, PAXG, has reached a market capitalization of $500 million, marking a historic high. Paxos stated that each PAXG token is backed by one troy ounce of gold, which is stored in the vaults of the London Bullion Market Association (LBMA).