“Golden” Tokens XAUT and PAXG Reach New All-Time Highs
On October 18, Tether Gold (XAUT) and Pax Gold (PAXG), cryptocurrency tokens tied to the price of physical gold, reached historic highs. XAUT hit $2,715.92, according to Coingecko, while Paxos’ gold-backed token peaked at $2,723.
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On October 18, Tether Gold (XAUT) and Pax Gold (PAXG), cryptocurrency tokens tied to the price of physical gold, reached historic highs. XAUT hit $2,715.92, according to Coingecko, while Paxos' gold-backed token peaked at $2,723.
Tether Gold price chart. Source: coingecko.com
Physical gold hit its all-time high a day earlier. However, tokenized gold prices differ slightly, as stablecoins like XAUT and PAXG trade only on crypto platforms, limiting their liquidity compared to physical gold.
At the time of publication, the XAU/USDT price in the stock market is $2,713.
Physical gold price. Source: investing.com
Сheck GNcrypto for a detailed analysis of crypto-backed gold tokens, XAUT and PAXG, which have been available on exchanges since 2020.
The total market cap for Tether Gold (XAUT) is $669 million, and for Pax Gold (PAXG), it stands at $527 million. Given the ongoing bullish trend and no immediate negative triggers, continued growth for gold-pegged stablecoins appears to be the most likely outcome..
XAUT and PAXG are available for purchase on major crypto exchanges such as WhiteBIT, Binance, Kraken, Bybit, KuCoin, and across a wide range of decentralized platforms hosted on Ethereum.
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