Both tokens represent one troy ounce of allocated LBMA gold. The difference is entirely in the wrapper: who supervises the issuer, who holds the bars, how often the holding is attested, and how many chains you can move on.
| Attribute | XAUT — Tether Gold | PAXG — PAX Gold |
|---|---|---|
| Issuer | TG Commodities Limited (Tether) | Paxos Trust Company |
| Jurisdiction | El Salvador / Switzerland vaulting | New York, USA |
| Gold per token | 31.1035 g (1 troy oz) | 31.1035 g (1 troy oz) |
| Vaulting | Allocated LBMA-standard bars held in a Swiss vault | Allocated LBMA gold in Brink's London vaults |
| Custodian | Third-party Swiss vault operator | Brink's |
| Auditor | Attestation by Tether's reporting accountant | Independent third-party accounting firm |
| Audit cadence | Quarterly attestation, bar list published | Monthly attestation plus NYDFS supervision |
| Physical redemption | Yes — physical delivery in Switzerland for verified holders | Yes — physical bars in London, or unallocated equivalents via partners |
| Redemption minimum | One full bar (roughly 430 oz equivalent) for physical delivery | 430 oz for full bars; smaller amounts redeemable to cash with partners |
| Fees | No custody fee; fees apply on issuance and physical redemption | No storage fee; on-chain transfer fee charged by the issuer |
| Chains | Ethereum, Tron, TON | Ethereum |
| Last verified | 2026-08 | 2026-08 |
One token equals one troy ounce of allocated gold, with a published bar list that lets holders check the specific bars behind their tokens.
The regulated counterpart to XAUT: a New York trust company charter, monthly attestations and Brink's custody, at the cost of living on a single chain.
PAXG has the stronger regulatory wrapper: a New York trust company charter under NYDFS supervision, Brink's as custodian and monthly attestations. XAUT publishes a bar list and vaults in Switzerland, but attests quarterly and its issuer sits outside US or EU prudential supervision. Safety here is a question of who supervises the issuer, not of the metal.
Both allow it, and both effectively gate it at full-bar size — roughly 430 troy ounces. For retail-sized holdings the real exit is selling on the market, so secondary liquidity matters more than the redemption right.
Neither charges an ongoing custody fee. PAXG charges an on-chain transfer fee set by the issuer, which makes frequent movement expensive. XAUT charges on issuance and physical redemption instead. For a buy-and-hold position the difference is close to nil.
Yes, for liquidity and cost. XAUT is deployed on Ethereum, Tron and TON, which gives cheaper transfer options; PAXG is Ethereum-only, which concentrates liquidity in one place but raises the cost of moving small amounts.
Yes. Both represent 31.1035 grams — one troy ounce — of allocated LBMA-standard gold.
Related: all tokenized gold · treasuries & RWA · all comparisons
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