Compare / PAXG · XAUt
One underlying. Different promises.
Two tokens can reference the same asset without giving holders the same rights.
PAX GoldAs of 24 Oct 2026
What you getOne PAXG token equals one fine troy ounce of London Good Delivery gold. Confirmed
Who owes the holderPaxos Trust holds one troy ounce of London Good Delivery gold in custody for the holder's benefit for every PAXG bought. Confirmed
Holder rightsThe terms describe PAXG as akin to a warehouse receipt for the holder's beneficial ownership of a pro rata portion of allocated gold. Confirmed
Regulator / licencePaxos Trust issues PAXG under a specific approval from the US Office of the Comptroller of the Currency (OCC). Confirmed
Governing law and disputesFor Paxos Trust customers, Paxos' General Terms, which apply alongside the PAXG terms, are governed by New York law, with disputes going to arbitration in New York. Confirmed
Redemption for moneyHolders can convert PAXG with Paxos for US dollars, unallocated gold or allocated gold, subject to the limits in the terms. Confirmed
Redemption in kind (physical)Physical redemption requires at least 430 PAXG plus a fee per London Good Delivery bar. Confirmed
Who may redeemOnly verified Paxos customers can buy PAXG from Paxos or convert or redeem it with Paxos. Confirmed
FeesPaxos may charge storage fees to all holders by issuing new PAXG to itself, which dilutes existing tokens. Confirmed
When redemption can be suspendedPaxos may refuse to issue, convert or redeem PAXG for a verified customer if that customer's Paxos account is suspended or terminated. Confirmed
Reserve assetsDollars paid for PAXG are converted into London Good Delivery gold to keep one allocated troy ounce per token. Confirmed
CustodyThe gold is London Good Delivery bars held by Paxos Trust on a segregated basis for PAXG holders in LBMA-approved security carrier vaults. Confirmed
Attestation and its scopeThe allocated gold that backs PAXG is custodied in LBMA vaults and audited monthly. Claimed
Freezing and blockingPaxos states it has the ability and the right to freeze and upgrade all PAXG tokens on an aggregate basis. Confirmed
Issuing new tokensPaxos may charge storage fees by issuing new PAXG tokens to itself, announced at least 30 days in advance. Confirmed
Upgrading the contractPaxos states it has the ability and the right to upgrade all PAXG tokens on an aggregate basis. Confirmed
Changing the termsPaxos may change its fee structure or raise fees at any time. Confirmed
Contract code can be replaced (proxy)Yes — Proxy admin is a smart contract (e.g. multisig or timelock)
Tether GoldAs of 24 Oct 2026
What you getEach XAUt reflects ownership of an undivided specific interest in one fine troy ounce of gold in the Gold Reserves. Confirmed
Who owes the holderThe issuer's reserves report states that the gold belongs to the token holders, not to TG Commodities. Confirmed
Holder rightsThe custodian holds the gold for token holders; each holder is a third-party beneficiary of the custody contract and may bring claims against the custodian, within that contract's limits. Confirmed
Regulator / licenceTG Commodities is authorised as a stablecoin issuer and digital asset service provider under El Salvador's Digital Asset Issuance Law and is supervised by the National Commission of Digital Assets. Confirmed
Governing law and disputesThe Tether Gold terms are governed by the laws of the British Virgin Islands. Confirmed
Redemption for moneyA redeeming holder can have the bar sold through a broker; the sale proceeds, minus fees, are paid by wire in fiat. Confirmed
Redemption in kind (physical)A redeeming holder can take physical delivery of the bar(s) within Switzerland or ask Tether Gold to arrange a sale through a licensed broker. Confirmed
Who may redeemOnly verified Tether Gold customers can buy tokens from Tether Gold or redeem them through the site. Confirmed
FeesVerification as a Tether Gold customer requires a non-refundable 150 USDt deposit. Confirmed
When redemption can be suspendedTether Gold may delay redemptions or purchases if gold reserves are illiquid, unavailable or lost, or if law or a government requires it. Confirmed
Reserve assetsAs of 30 Sep 2025 the issuer's reserves report states at least one fine troy ounce of gold in reserve for each XAUt. Confirmed
CustodyThe gold bars are vaulted in Switzerland. Confirmed
Attestation and its scopeBDO Italia's reasonable-assurance opinion covers the reserves report at one point in time, 30 Sep 2025, and no other date. Confirmed
Freezing and blockingTether Gold may freeze tokens held by a user as required by law or where it decides in its sole discretion that this is prudent. Confirmed
Issuing new tokensXAUt is created only after the custodian has received the corresponding gold. Confirmed
Upgrading the contractIn November 2021 Tether Gold moved XAUt to a new ERC-20 contract and reinstated balances there. Claimed
Changing the termsTether Gold may amend its terms at any time without prior notice. Confirmed
Contract code can be replaced (proxy)Yes — Proxy admin is a smart contract (e.g. multisig or timelock)
NO SCORES. Differences are shown as facts and questions, not ratings.