PAX Gold (PAXG)
Solana: can freeze a holder, claw back, mint. A single key can freeze a holder and claw back tokens. A single key can change the code with no delay.
Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.
The verdict is on the memo: Paxos Gold (PAXG) Not approved
Eligibility
Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.
- What the holder owns
A warehouse receipt: the holder owns a pro rata share of specific London Good Delivery bars that Paxos Trust holds in segregated accounts for PAXG holders.
“Your PAXG tokens are akin to a warehouse receipt representing your beneficial ownership of a pro rata portion of Allocated Gold.”
Paxos: PAX Gold Terms and Conditions (last modified December 12, 2025) · Section 5.1, Ownership and Allocation · words found 2026-09-23
- Who may hold it
Anyone may hold PAXG on chain. Only verified Paxos customers may buy it from Paxos or redeem it, and Paxos says PAXG is not offered in the EU.
“Only verified Customers may purchase PAXG from us or convert or redeem PAXG from us.”
Paxos: PAX Gold Terms and Conditions (last modified December 12, 2025) · Section 4.11, PAXG · words found 2026-09-23
- First purchase minimum
0.03 PAXG to buy on Paxos.com, because the creation fee is 0.02 PAXG. There is no minimum holding.
“When purchasing PAXG on Paxos.com, the minimum purchase is 0.03 PAXG, due to the conversion fee of 0.02 PAXG. However note that there is no minimum amount of holdings for PAX Gold (PAXG).”
Paxos Knowledge Base: PAX Gold Minimum Investment Amounts · PAX Gold Minimum Investment Amounts · words found 2026-09-23
- Account types
Individuals, for personal use, and companies or other entities. The terms do not name trusts or IRAs.
“If you register as an individual Customer, you agree that you will use the Paxos Platform for your personal use only.”
Paxos: General Terms and Conditions (last modified December 12, 2025) · Sections 2.3 and 2.4, Acceptance · words found 2026-09-23
- Who it may be transferred to
Freely, to any address, like any ERC-20 or Solana token, unless Paxos has frozen it.
“Once you have PAXG tokens, you can transfer them, trade them, keep them, use them to pay persons that will accept PAXG, or convert them for US dollars, Unallocated Gold and Allocated Gold with Paxos, subject to the limitations below.”
Paxos: PAX Gold Terms and Conditions (last modified December 12, 2025) · Section 4.1, PAXG · words found 2026-09-23
- How a holder redeems
Verified customers redeem through a Paxos account for US dollars, unallocated London gold, or a whole London Good Delivery bar, which takes at least 430 PAXG plus fees.
“You must redeem a minimum of 430 PAXG tokens plus the fee set forth in the Paxos User Guide, per London Good Delivery gold bar.”
Paxos: PAX Gold Terms and Conditions (last modified December 12, 2025) · Section 11.4, Conversion and Redemption of PAXG · words found 2026-09-23
- Who keeps the official record
The chain. Paxos maps each address’s balance to specific bars, shows the bar serial numbers for any address, and reallocates as tokens move. There is no transfer agent.
“You will be able to view the serial number, purity, and gross weight of the London Good Delivery gold bars represented by the PAXG tokens held in your public Ethereum address on the Paxos public website”
Paxos: PAX Gold Terms and Conditions (last modified December 12, 2025) · Section 5.2, Ownership and Allocation · words found 2026-09-23
- What the issuer says it can freeze or take back
Paxos may freeze any holder’s PAXG and the gold behind it, customer or not: on a legal directive, on a partner’s notice, or in its sole discretion. Under a binding legal order it may seize the tokens to a Paxos wallet.
“Paxos will only freeze such assets (1) if required to do so by law, specifically when Paxos receives a formal legal directive from a regulator, judicial body, law enforcement agency, or other legal entity having jurisdiction over Paxos, (2) pursuant to a formal notification by a Paxos partner according to previously agreed contractual terms, or (3) as deemed necessary by Paxos in its sole discretion.”
Paxos: PAX Gold Terms and Conditions (last modified December 12, 2025) · Section 14.2, Freezes and Upgrades · words found 2026-09-23
| Fact | Answer |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | None |
| SIPC coverage of the wallet | No |
Who controls it
Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.
| Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|
| Ethereum | Yes | Yes | Yes | No | Yes | A single key can pause transfers. A timelock with a 1-day delay holds the owner key. |
| Solana | Yes | No | Yes | No | No | A single key can freeze a holder and claw back tokens. A single key can change the code with no delay. |
Who holds the keys
Ketju read every current holder of each power from the chain on 2026-09-23. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.
| Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|
| Ethereum | Owner | grant and revoke these powers, pause transfers | a timelock with a 1-day delay | 0x6d8b…3acc |
| Ethereum | Pause role | pause transfers | a single key | 0x3af3…024b |
| Ethereum | Admin role | grant and revoke these powers, mint new tokens | a timelock with a 1-day delay | 0x6d8b…3acc |
| Solana | Mint authority | mint new tokens | a 1-of-4 multisig | Ertp4y…mzfk |
| Solana | Freeze authority | freeze a holder | a single key | 2apBGM…YJjk |
| Solana | Permanent delegate | claw back tokens | a single key | 2apBGM…YJjk |
| Solana | Transfer-hook authority | decide who may hold, change the code | a single key | 2apBGM…YJjk |
Ethereum: 2 contract reads, 5 functions in verified source, 2026-09-23
- owner()=0x6d8b8f7ebd9860e80694665f05033df06ddc3acc
- paused()=false
- freeze in verified source 0x7da4…a543
- pause in verified source 0x7da4…a543
- wipeFrozenAddress in verified source 0x7da4…a543
- mint in verified source 0x7da4…a543
- upgradeTo in verified source 0x7da4…a543
Solana: 3 contract reads, 0 functions in verified source, 2026-09-23
- mintAuthority=Ertp4yV6mJiQP5TyBaEkvza9fhh1pWo4CWtM6CdKmzfk
- freezeAuthority=2apBGMsS6ti9RyF5TwQTDswXBWskiJP2LD4cUEDqYJjk
- permanentDelegate=2apBGMsS6ti9RyF5TwQTDswXBWskiJP2LD4cUEDqYJjk
Where it trades
| Venue | Kind |
|---|---|
| Paxos platform (paxos.com), verified customers only | issuer primary |
| Exchanges Paxos lists on paxg.com, among them Coinbase, Kraken, Binance, OKX, Bybit, Bitget, Upbit and Revolut | exchange |
| Solana DeFi venues Paxos lists on paxg.com: Jupiter, Kamino, Meteora, Sunrise, Titan and Jumper | dex |
Redemption
| Route | Settlement | Fee | Settles in |
|---|---|---|---|
| Redeem in kind | A verified customer sends PAXG to the Paxos account deposit address and redeems at least 430 PAXG plus fees per London Good Delivery bar. Paxos may run extra due diligence, emails delivery instructions, and treats its duty as done once the bar reaches the delivery service the customer chose. Tokens above the bar’s actual weight come back to the account. The customer may instead take unallocated Loco London gold by wire to a gold account. Paxos says either may take several business days. | 17.5 bps | XAU (allocated London Good Delivery bars), XAU (unallocated Loco London gold) |
| Redeem with the issuer in its window | A verified customer converts PAXG to US dollars on the Paxos platform at a streaming gold price held for five seconds, then withdraws to a bank account in the customer’s name. Paxos says conversion may take several business days to show and withdrawals up to two days, longer for large ones. | 12.5 bps | USD |
| Secondary market only; no issuer redemption | A holder who is not a Paxos customer cannot redeem with Paxos and can only sell on an exchange or a Solana DEX. | USD, stablecoins |
- On Ethereum, the implementation behind 0x45804880De22913dAFE09f4980848ECE6EcbAf78 changes, the owner and default admin timelock 0x6d8b8f7ebd9860e80694665f05033df06ddc3acc or its 86,400-second delay changes, or the PAUSE_ROLE holder 0x3af3e85f4f97de7ad0f000b724fb77fe5ffc024b changes
- On Solana, the freeze authority and permanent delegate 2apBGMsS6ti9RyF5TwQTDswXBWskiJP2LD4cUEDqYJjk or the 1-of-4 mint multisig Ertp4yV6mJiQP5TyBaEkvza9fhh1pWo4CWtM6CdKmzfk changes, the transfer fee is set above zero, or a transfer-hook program is set (none on 2026-09-23)
- Paxos issues PAXG on a third chain; its blog calls Solana the first step of a multi-chain expansion
- Paxos revises the PAX Gold Terms and Conditions (last modified December 12, 2025), above all the 430 PAXG bar minimum in Section 11.4 or the freeze and seizure terms in Section 14
- Paxos announces a storage fee, which Section 15.2 lets it collect by minting new PAXG after 30 days notice
- A monthly attestation shows fewer ounces than tokens, a month is missed, the attestor changes, or Paxos names a vault other than Brink’s
- Paxos freezes or wipes a PAXG address, or opens or closes PAXG to a class of holder such as EU residents or US states
Daily checks
Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.
File history
Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.
| Date | Change |
|---|---|
| 2026-09-23 | Filed. |
Sources
- Paxos: PAX Gold Terms and Conditions (last modified December 12, 2025) · primary · accessed 2026-09-23
Supports: warehouse receipt for a pro rata share of allocated gold, bars held by Paxos Trust segregated for PAXG holders, only verified customers buy or redeem, 430 PAXG minimum per bar, freeze, upgrade and seizure rights over all holders, storage fee by dilution on 30 days notice, issued under OCC approval - Paxos: General Terms and Conditions (last modified December 12, 2025) · primary · accessed 2026-09-23
Supports: Paxos Trust Company, NA is an OCC-regulated national banking association, individual and entity customers, age 18 and over, account freeze and termination - Paxos: Pax Gold (PAXG) product page · primary · accessed 2026-09-23
Supports: one fine troy ounce per token in LBMA vaults in London, OCC regulated, redeemable for bars, unallocated gold, or USD, not available in the EU, allocation lookup for Ethereum and Solana wallets - Paxos: paxg.com · primary · accessed 2026-09-23
Supports: available on Ethereum and Solana, Solscan link to the Solana mint, exchange and DeFi listings, reserves held bankruptcy-remote - Paxos Developer Docs: PAXG on main networks · primary · accessed 2026-09-23
Supports: Ethereum contract address, Solana mint address, Ethereum supply control contract 0xbe62dB8ed4838e10e1318593aC9e3eb9ccFb2dC7 - Paxos blog: Bringing PAXG to Solana (June 25, 2026) · primary · accessed 2026-09-23
Supports: Solana launch on Token-2022 with the Permanent Delegate extension, Ethereum contract upgraded for omnichain use, audited by Zellic, bridging through Paxos or LayerZero Stargate, KPMG monthly attestation and Bureau Veritas annual physical audit - Paxos: PAX Gold white paper (last updated September 5, 2019) · primary · accessed 2026-09-23
Supports: Brink’s bullion vaults in London, legal advice that PAXG is not a security or futures contract, any individual or institution can buy - Paxos Knowledge Base: PAX Gold Fees · primary · accessed 2026-09-23
Supports: creation fees waived through 2027-01-01, redemption fee 0.125% to 0.500% on 30-day net redemptions from 2026-09-01, 5 bps in-kind conversion fee, no storage fee at this time - Paxos Knowledge Base: PAX Gold Minimum Investment Amounts · primary · accessed 2026-09-23
Supports: 0.03 PAXG minimum purchase, no minimum holding, 18 decimal places - Paxos Knowledge Base: PAXG allocation and physical gold bar details · primary · accessed 2026-09-23
Supports: every token allocated to specific bars at all times, automatic reallocation - Paxos: PAXG transparency reports · primary · accessed 2026-09-23
Supports: monthly attestation, KPMG LLP since February 28, 2025; Withum before - PAXG implementation on Ethereum (Sourcify match) · primary · accessed 2026-09-23
Supports: freeze and wipeFrozenAddress, pause, role-gated mint, upgradeTo - Paxos: paxos-token-contracts repository (PAXG V2) · primary · accessed 2026-09-23
Supports: PAXG V2 on the shared PaxosTokenV2 implementation, Zellic audit of PAXG V2