PAX Gold (PAXG) is an Ethereum-based token where each token represents ownership of one fine troy ounce of a London Good Delivery gold bar. These physical bars are stored in professional vaults under the custody of Paxos Trust Company, and the token's value is directly tied to the real-time market price of gold.

This token enables fractional ownership of physical gold, combining the benefits of tangible asset ownership with the speed of a digital asset. Holders can convert tokens to allocated or unallocated gold, or to fiat currency, on the Paxos platform. PAXG is tradable on various exchanges and allows holders to verify their specific vaulted gold bars' details online.