Paxos Labs launches PAXGy token backed by PAX Gold
Paxos Labs launched PAXGy on Sept. 24 as a token built on PAX Gold. The token is designed so reserve assets can be lent, with lending income intended to increase how much PAXG a holder can redeem per PAXGy token.
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PAXGy matters for people already holding or using PAX Gold because it changes how the token is described at launch: the new token is tied to PAXG and is presented as a way for reserve assets to generate returns. That means users watching the product line today see a new version of tokenized gold that keeps the same base asset while adding a lending feature to the structure.
In practice, the setup shifts what the token represents without changing the fact that it is built on PAX Gold. Before this launch, PAXG was simply the reference point; now PAXGy is described as keeping balances constant while aiming to increase redeemable PAXG per token through reserve lending.
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