Over the course of the past few weeks, the global cryptocurrency community bore witness to two major announcements related to stablecoins — with the first being the launch of Paxos’s gold-backed token, PAX Gold (PAXG), and the other being the release of Binance’s cryptocoin backed by the United States dollar (BUSD).
Paxos, a global digital asset trust firm, announced the launch of its PAXG token via a press release a few days back. In the document, the firm claims that its product is the world’s first crypto asset to be fully redeemable in exchange for physical gold. Not only that, but the stablecoin has also received a regulatory nod of approval from the New York State Department of Financial Services (NYDFS), with the government body referring to PAXG as the first gold-backed digital currency to become eligible for trading in the state of New York.
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