Paxos: Gold-anchored stablecoin PAXG hits new high at $500 million

Stablecoin issuer Paxos announced on the X platform that the market value of gold-anchored stablecoin PAXG reached a new high of $500 million. Paxos said that each PAXG token is backed by 1 troy ounce of gold stored in the LBMA vault in London. In addition, the recent spot gold price has been refreshing, yesterday standing at $2,670/ounce, continuing to brush a record high.