Paxos Labs launches PAXGy, a PAXG-based token tied to gold returns

Paxos Labs has launched PAXGy, a new token based on Pax Gold (PAXG). PAXGy is designed to appreciate against gold rather than the U.S. dollar, according to The Block. The token generates yield by deploying its PAXG reserve assets in the institutional gold lending market. That income is reflected in the token’s value, so the amount of PAXG redeemable for one PAXGy increases over time.