PAX Gold is a gold-backed ERC-20 token issued by Paxos Trust Company that represents direct ownership of physical gold stored in professional vaults. Each PAXG token corresponds to one fine troy ounce of London Good Delivery gold held in segregated custody for the benefit of token holders. Unlike native cryptocurrencies secured by their own consensus networks, PAXG is a tokenized commodity asset whose value is anchored to the spot price of gold and whose security depends on a combination of Ethereum's blockchain infrastructure, Paxos' regulated custody framework, and third-party reserve attestations.