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Coinbase announces the inclusion of the gold-backed stablecoin PAXG on its planned listing schedule.
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Coinbase Mulls PAXG Gold-Pegged Stablecoin Listing
Cryptocurrency exchange giant Coinbase has released a statement announcing the potential addition of PAX Gold (PAXG) to their listing roadmap, hinting at the possibility of future listing.
PAX Gold is a token backed by 1 fine troy ounce of physical gold, issued by Paxos, and resides on the Ethereum network. The project offers investors easy, cost-effective exposure to gold with the benefits of blockchain, secured in LBMA vaults in London.
This move follows news that Tether, the company behind several stablecoins, announced $770 million in physical gold bullion reserves backing its gold-backed stablecoin, Tether Gold (XAUT).
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Looking Ahead
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Opinions expressed by The Daily Hodl are not financial advice. Always conduct proper due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Any losses you may incur are your responsibility. The Daily Hodl participates in affiliate marketing, and we may receive compensation for promoting certain products and services.
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- The announcement from Coinbase about potentially listing PAX Gold, a gold-pegged stablecoin, indicates a growing interest in cryptocurrencies that offer easy and cost-effective exposure to traditional assets like gold, leveraging the benefits of blockchain technology.
- With the addition of PAXG to Coinbase's listing roadmap, Ethereum's blockchain is set to host yet another cryptocurrency, underscoring its popularity and importance in the digital asset ecosystem.
- As more cryptocurrencies like Tether and PAX Gold are tokenized and backed by physical assets, the realm of finance is being democratized, opening up investment opportunities to a wider community.
- In the fast-paced finance and crypto world, staying informed is essential, and sites like Daily Hodl play a vital role in providing insights and expert analysis on leading cryptocurrencies such as Bitcoin, Ethereum, and Altcoins.
- As Merrill and other financial institutions continue to explore and incorporate cryptocurrencies, it's clear that blockchain technology is set to have a healthy impact on the future of finance, revolutionizing the way we handle and invest our funds.
