PAX Gold (PAXG) and Tether Gold (XAUT) represent exposure to physical gold rather than a fixed US dollar. Each issuer describes one token as representing one fine troy ounce. Custody, allocation records and redemption conditions distinguish the two products.
Comparison Brief
PAXG has 2 tracked deployments, while XAUT has 15. Both sit in the rwa cohort. Use the rows below to separate headline market share from the mechanics that matter during stress: redemption path, reserve signal, blacklistability, and venue depth.
Paxos describes PAXG as ownership of one fine troy ounce of allocated gold held in London vaults, with a wallet-based allocation lookup. Tether Gold's terms describe an undivided fine troy ounce within a specific bar. Allocation records help identify the backing, but holders still depend on the issuer and physical custody arrangements; a token transfer does not deliver a gold bar.
Fractional token ownership should not be confused with fractional-bar delivery. Paxos describes redemption for Good Delivery bullion bars and a USD route at market prices. Tether Gold makes physical redemption subject to verification, minimum size and fees, with delivery in Switzerland or a broker-assisted potential sale. Check current minimums, fees and destination restrictions before treating physical redemption as an available exit.
Issuer sources checked . These describe product mechanics and terms, not an independent audit or a live reserve snapshot.
PAXG
XAUT
Static structural differences between the two stablecoins before you switch to the live comparison tool.
| Metric | PAXG | XAUT |
|---|---|---|
| Governance | Centralized (CeFi) | Centralized (CeFi) |
| Backing | RWA | RWA |
| Peg target | Gold | Gold |
| Yield-bearing | No | No |
| Governance + backing lens | Centralized (CeFi) / RWA | Centralized (CeFi) / RWA |
| Blacklist controls | Issuer blacklist controls | Issuer blacklist controls |
| Reserve signal | KPMG attestations | BDO Advisory Services S.r.l. attestations |
| Tracked chains | 2 deployments | 15 deployments |
Source: checked-in StablecoinMeta profile fields in the current Pharos build. Static deployment counts and reserve-provider labels are structural context; open the live detail and compare tools for current market, peg, liquidity, and reserve freshness.
PAXG and XAUT share a gold reference, but their issuers and delivery arrangements differ. Paxos describes allocated gold held in London vaults; Tether Gold provides physical delivery in Switzerland under its redemption terms. Neither token is a dollar-stable substitute: its dollar value moves with gold as well as any token-market discount or premium.
Safety is not decided by ticker alone. Use this static page for the structural comparison, then open the live PAXG vs XAUT compare tool and Safety Scores page for current V10 Backing, Exit, and Economic Control pillars plus peg behavior, dependency exposure, evidence quality, and structural caps.
Open the live PAXG vs XAUT comparison from this page to see current peg behavior, liquidity, flows, and Safety Scores. Use this brief to understand the structural differences, then check each coin's latest evidence before making a decision.
