Straight to the point: it’s not another “on-chain gold ETF” wrapper. What $PAXGy is doing is taking the institutional-side gold leasing (gold lease) model and mapping it to $PAXG that ordinary people can hold.

Paxos Labs announced on September 24: building on regulated tokenized gold $PAXG (LBMA vault, KPMG independent attestation), it has launched $PAXGy. If you hold $PAXG, or swap accepted stablecoins to $PAXGy; the underlying reserves enter the institutional gold leasing market, with value tied to the exchange rate—balances don’t rebase, but the amount of $PAXG corresponding to each unit of $PAXGy will increase over time. You can redeem back to $PAXG at any time.

Launch channels: OKX (officially claimed as the only CEX at launch), X Layer, 0x, Uniswap, Ether.Fi. Cross-chain messaging is exclusively provided by Chainlink CCIP—holdings can be moved cross-chain without needing to close out first.

Filtering criteria:

1️⃣ This is a product layer of “gold that generates and sustains income,” not price-signal trading;

2️⃣ Listing ≠ a fixed leasing yield; nor does everyone get the same institutional-grade terms;

3️⃣ News about a gold/bond-wrapper like Matrixdock $XAUm or OpenEden is not the same—issuer, mechanisms, and entry points are all different.

Source: Paxos Labs PR Newswire (2026-09-24) + paxoslabs.com/posts/paxgy. Not investment advice.