Paxos Labs debuts PAXGy gold token across OKX and DeFi platforms
PAXGy launched on OKX as its sole centralized exchange venue and is also available on X Layer, Uniswap, 0x and Ether.Fi.
Gold has been a store of value for roughly five thousand years. The catch has always been that it just sits there. Paxos Labs thinks it can fix that.
On September 24, 2026, Paxos Labs officially launched PAXGy, a new token built on the foundation of its existing PAX Gold product that doesn’t just represent gold, it accrues more of it over time.
How PAXGy actually works
PAXGy is a gold-backed token designed to accrue value in ounces of gold by deploying its underlying reserves in the institutional gold leasing market. PAXGy is built on PAX Gold (PAXG), which Paxos Labs says is fully backed by investment-grade gold stored in LBMA vaults and independently attested by KPMG.
Users can deposit PAXG or swap supported stablecoins for PAXGy, whose value accrues through an exchange rate denominated in gold terms, according to Paxos Labs.
At launch, OKX is the only centralized exchange listing PAXGy, while the token is also available across X Layer, 0x, Uniswap and Ether.Fi. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) provides cross-chain messaging, allowing PAXGy positions to move between networks without being unwound.
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The gold backing PAXGy is deployed to vetted institutional borrowers through the long-established bullion leasing market. Borrowers including refiners, jewelry manufacturers, miners and bullion banks use leased gold rather than purchasing the metal outright.
Paxos Labs said returns from these deployments increase the amount of PAXG represented by each PAXGy over time, enabling holders to earn a return measured in gold rather than dollars.
The launch comes as tokenized gold expands across digital assets, with the market exceeding $5 billion and generating $90.7 billion in trading volume in the first quarter of 2026, according to Paxos Labs. PAXGy is now available through OKX Gold Earn, X Layer, Uniswap, 0x and Ether.Fi, with more venues expected to launch.
What is Paxos Labs?
Paxos Labs is a digital-asset products company incubated within Paxos. It was publicly launched in April, alongside a $12 million strategic funding round led by Blockchain Capital.
The company’s flagship offering, Amplify, is a single-integration stack with three modules, including Earn, Borrow and Mint, which let platforms add digital-asset yield, borrowing and branded stablecoin issuance.