PAXG and XAUT: Prominent Gold-Backed Tokens Worth Nearly $1 Billion
The value of an ounce of gold has surged by 3.8% against the U.S. dollar in the past six months.
In the realm of cryptocurrencies, pax gold (PAXG) and tether gold (XAUT) stand out as two prominent tokens backed by gold, amassing a combined worth of nearly $1 billion. However, nearly 500,000 PAXG and XAUT tokens are in circulation, but only 31,000 token holders concentrate their distribution.
PAXG and XAUT continue to dominate the market of precious metal-based digital currencies, with PAXG experiencing a significant increase in market value from $424 million to $611 million in March 2022, while Tether gold’s market capitalization grew from $430 million to $486 million during the same period.
The combined market capitalization of both tokens has now decreased, with PAXG at $490 million and XAUT at $487 million. The top ten addresses for XAUT control 98.23% of the total supply, and Binance holds the largest wallet of PAXG with 20,000 tokens. PAXG and XAUT have witnessed minimal transfers compared to Ethereum and Bitcoin, with PAXG recording 846,887 transfers since its inception.
Clever Robot News Desk 20th July 2023
