Paxos Trust Company launched the first regulated, gold-backed digital token and ...
NEW YORK - Paxos Trust Company launched the first regulated, gold-backed digital token and later this month will debut a stablecoin pegged to the U.S. dollar, after getting approval from New York regulators on Thursday.
PAX Gold, on the other hand, is an asset-backed digital token, each representing one fine troy ounce of London Good Delivery gold stored in professional vault facilities in London. PAX Gold customers will own the underlying physical gold.“DFS is committed to encouraging innovation while providing regulatory oversight to keep New Yorkers and the rapidly evolving financial services market safe and sound,” said Superintendent of Financial Services Linda Lacewell in a statement.
In a separate interview with Reuters, Charles Cascarilla, chief executive officer and co-founder of Paxos, talked about gold, saying the problem with owning physical gold is that it is bulky and cumbersome, making it difficult to trade, or leverage against other investments.
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