According to CoinMeta, Wu said that Paxos Labs has launched Paxgy, a yield-based gold token based on Pax Gold (PaxG). The goal is to allow holders to experience value appreciation measured in gold, rather than earning profits in US dollars. Users can deposit PaxG or exchange it for supported stablecoins to obtain Paxgy. The underlying reserves are lent to selected institutional borrowers through traditional gold leasing markets, and the generated earnings are reflected in the exchange rate of Paxgy to PaxG. This means that the total number of tokens remains the same, but over time, each Paxgy can be exchanged for more PaxG. Paxgy is based on ERC-20 and can be accessed and used through OKX, X Layer, Uniswap, 0x, and EtherFi. Its underlying asset, PaxG, is issued by Paxos and is backed 1:1 by physical gold.