PAXG: One Troy Ounce Per Token, Allocated Vault Gold

What PAXG is

PAXG is a gold token. One token carries one fine troy ounce of allocated gold. Paxos issues it. Its transparency page publishes a monthly examination report ^[1]. The word allocated is the load bearer. The gold is specific bars in specific vaults. Not a claim on a pool.

The distinction deserves its own paragraph, because the word backed hides it. An unallocated gold claim is a promise to deliver metal from a pool. The pool’s bars belong to the custodian’s book. An allocated claim is specific bars. Held for the token holder’s benefit. Identified on the vault’s records. This token’s report is written in the second language. It counts ounces of London Good Delivery gold in named vaults. The count is what the examiner’s opinion attaches to.

The July 2026 report is dated 25 August 2026. It counted 442,217 tokens. Against them, 442,217 fine troy ounces of London Good Delivery gold ^[2]. The one to one holds in both directions. The count is the report’s central figure.

Three reports, one habit

The May, June, and July 2026 reports were all read as PDFs. All three carry KPMG LLP’s signature ^[2]. Reading consecutive months is its own lesson. The structure repeats. Report dates. The ounce count. The custody chain. The criteria note. The signature. The figures move a little. The structure does not. Some readers assume the signature carries forward. This site’s rule is to verify it on each report. The per-report rule applies everywhere. This token is where it is easiest to see.

The custody chain

The report names its own chain of custody. The gold is purchased from StoneX Group Inc. It is stored at Brink’s Global Services Ltd. and ICBC Standard Bank. LBMA-approved vaults ^[2]. Three named parties. Each carries a specific role. On a document dated the day it is dated. That is what a custody leg looks like when it is written down.

The chain split is narrow. Of the July holdings, 441,939 tokens sit on Ethereum. 278 sit on Solana ^[2]. The report’s footnotes carry each chain’s address. The report-stated form is the address of record here.

The auditor rule, worked per report

The research rule for this token is per-report verification. The recent record is uniform. KPMG LLP signed the May 2026 report. The June 2026 report. The July 2026 report. All three read as PDFs ^[2]. The signature is a fact about each report. It is re-verified report by report. It is never carried forward as a standing biography. A new signer on the August report updates the row the day it is read.

The criteria nuance

One line in the report teaches more than a paragraph of commentary. The AICPA stablecoin criteria are not applicable, the report states. The token is commodities-pegged rather than dollar-pegged ^[2]. An examination framework built around dollar reserves does not stretch to gold bars by itself. The report says so, in its own words. The attestations page uses exactly this case in its teaching.

The consequence is practical. A dollar stablecoin’s report and a gold token’s report answer different questions. The dollar report asks whether reserve assets equal or exceed tokens at a dollar each. This report asks a different thing. Do the vaults hold the ounces the tokens claim. The numbers on this page are ounces. Every comparison on this site keeps dollars and ounces in separate sentences.

How the transparency surface works

The issuer’s transparency page is the route to the reports ^[1]. It links the monthly PDFs. It carries the current holdings statement. It is the page the examiner’s work hangs from. The research captured it rendered, dated 11 September 2026. The July report was the newest listed. When the August report posts, this page’s figures move with it. The reviewed date at the foot moves too. That is the deal every page in this library makes with its documents. Figures have dates. Dates have consequences.

What the token is not

PAXG is not a dollar stablecoin. Its price follows gold. That is the design. A dollar-pegged instrument answers one question. An ounce-per-token instrument answers another. The site keeps them in different classes. The risks differ too. Gold-price risk by design. The ordinary document risks any report carries.

The gold pair

PAXG has one documented counterpart in the gold class. Tether Gold. The two differ in structure. The structural comparison lives on the gold-backed types page. It runs on the documents. It runs without verdicts. That page also holds the wider commodity-class section this token anchors.

Where this page sits

The stablecoins hub frames the pillar. The PYUSD page carries the same issuer’s dollar token. The attestations page holds the tier taxonomy. The stablecoin intro places gold tokens in the wider class map.