24h Change-0.015%
All Time HighJan 29, 2026$5,619
All Time LowNov 18, 2019$1,400
Market Cap$1.832b
Fully Diluted Valuation$1.832b
Circ. Supply452,151 PAXG
CEX Volume$32.08m
DEX Volume$24.32m
How much debt can be issued against PAXG as collateral across lending protocols.
Maximum possible exposure to PAXG
$1.711b
$12.21m (max additional borrows against PAXG) + $1.699b (bad debt if PAXG was hacked now)
Fluid
$13.58m at-risk exposure = $1.39m bad debt if hacked + $12.18m additional borrowable against PAXG
Morpho V1
$1.697b at-risk exposure = $1.697b bad debt if hacked + $31,176 additional borrowable against PAXG
Showing collateral exposure for PAXG on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for PAXG as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
PAXG0x45804880de22913dafe09f4980848ece6ecbaf78 | $12.18m | $1.39m | ||
PAXG0x45804880de22913dafe09f4980848ece6ecbaf78 | $31,174 | $1.697b | ||
PAXG0x553d3d295e0f695b9228246232edf400ed3560b5 | $2.29 | $1.15 |
Risk-management actions published about PAXG by tracked risk managers and governance contributors, newest first.
A proposal was published to add PAXG as a new basis-trade backing asset for USDe, motivated by gold's near-zero funding correlation with crypto and its structurally higher funding yields.
PAXG exceeds the proposed $200M OI threshold for commodities with $205M aggregate OI across eligible exchanges, benefits from gold's low 15% annualized volatility compared to crypto assets, and features healthy holder distribution with top 10 wallets at 34% of supply. Its NYDFS regulation, monthly attestations, tighter spreads (0.05–0.15%), deeper Deribit options market, and lower fee structure position it as the stronger near-term candidate for onboarding as USDe backing.
Growing demand for tokenized gold collateral aligns with Spark’s offchain lending framework, supported by its institutional borrower focus and favorable risk profile.
Tokenized physical commodities like PAXG (gold-backed) are explicitly excluded from securities treatment under the bill, distinguishing them from tokenized equities and clarifying CFTC oversight for spot markets.
Token-specific prices like PAXG are replaced with abstract XAU gold prices for stability; the timelock module tracks deviations from market gold prices and activates them if prolonged, protecting against manipulations while capturing structural shifts.
Onboarding PAXG to Aave v3 Main Instance on Ethereum is supported, despite noted concerns regarding the 3/20 multisig custody setup.
PAXG, a Paxos-issued tokenized gold asset, has sufficient liquidity and redemption mechanisms to serve as collateral on Aave v3 Ethereum. It offers low correlation to crypto markets, enabling onboarding with conservative LTV and caps to manage oracle and custody risks.
PAXG is issued by NYDFS-regulated Paxos Trust Company with physical gold backing in LBMA-accredited vaults, verified by monthly attestations from Withum Smith+Brown ensuring 1:1 reserves. Its regulatory framework provides asset segregation and insurance coverage, supporting safe integration as collateral despite moderate DEX liquidity concentration in Uniswap V2 and a 3/20 multisig for upgrades.
PAXG is a gold-backed digital currency issued by NYDFS-approved Paxos, with a multi-year on-chain track record as a trusted entity. Onboarding it diversifies Aave's collateral options, allowing users to leverage gold exposure while boosting protocol liquidity and attracting mainstream adoption.
The oracle for the new PAXG/USDC market was incorrectly set up by the provider, allowing users to borrow more USDC than warranted against PAXG collateral. Exposure was limited to 4% of vault allocation, the over-borrow was repaid in full with no funds lost, and the market is now paused to prevent further use.
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Showing 10 of 37 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabPAXG-WETH | $12.16m | 1.23% | 1.23% | 4.28% | |||||
| open in new tabPAXG-XAUT0.01% | $6.53m | 1.21% | 1.21% | 1.64% | |||||
| open in new tabPAXG-XAUT0.05% | $3.39m | 0.41% | 0.41% | 0.70% | |||||
| open in new tabPAXG-USDC0.05% | $2.22m | 1.37% | 1.37% | 9.01% | |||||
| open in new tabWBTC-PAXG1.00% | $735,678 | 3.27% | 3.27% | 15.53% | |||||
| open in new tabPAXGOmnipool | $400,039 | 1.10% | 1.10% | 5.18% | |||||
| open in new tabETH-PAXG0.30% | $213,738 | 15.03% | 15.03% | 36.26% | |||||
| open in new tabPAXG-XAUTUniv4 Kyber FairFlow | $42,745 | 0.90% | 0.16% | 1.56% | |||||
| open in new tabPAXG-USDCCL - 10 | 🪂 | $42,068 | 3175% | 0% | 3175% | 5230% | |||
| open in new tabPAXG-XAUTCL - 1 | 🪂 | $25,325 | 34.63% | 0% | 34.63% | 960% |
