TechFlow news — stablecoin issuer Paxos tweeted that since last weekend, spot gold prices have experienced significant volatility, causing the price of its gold-backed stablecoin PAXG to surge across exchanges.
Paxos stated that holding PAXG means directly owning London Good Delivery gold held in Paxos's vaults in London, with 1 PAXG = 1 troy ounce of gold. However, on Friday, April 12, 2024, the spot price of one ounce of gold fluctuated by over $100—a situation unprecedented in history.
For example, PAXG prices on DEXs such as Uniswap remained relatively stable, while those on CEXs showed larger variations, which was expected due to differing liquidity levels across trading venues.
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