Topic
Digital tokens like PAXG and XAUT that represent ownership of physical gold held in reserve, enabling trading and DeFi use of gold-backed value.
GSR is committing $100 million, mostly through a credit facility, to Hare, a new onchain vault business built with Turtle. Its money goes in first as anchor liquidity, so Hare becomes a product line only if outside allocators follow.
Reality
Paxos Labs launched PaxGy, a token built on the $2 billion PAXG that lends its gold to institutional borrowers so holdings grow in ounces. The extra metal comes from borrowers, so a holder takes on their credit risk as well as the gold price PAXG tracks.
Reality
The StableFund vehicle with Fasanara Capital starts with $400m of the two sponsors' own money and targets $3bn more from institutions. Outside investors would then supply most of a fund Fasanara underwrites.
Reality
Tether Gold took $237M of the 30-day inflow at a $2.48B cap. XAUT and Paxos Gold together hold 93-97% of the category, and that concentration is the thing to underwrite.
Reality
Aave V3 holds more than half of all gold tokens pledged across DeFi lending, but only about 1.5% of the $4.2 billion PAXG and XAUT supply has been posted as collateral anywhere.
Reality