Stablecoins are cryptocurrencies pegged to tangible currencies to ensure stability. We have seen cryptocurrencies back by fiat lately, and gold-backed cryptocurrencies are also making their mark in the crypto space. Gold stablecoins are crypto tokens backed by gold.
Gold has been touted to be a traditional hedge against inflation and uncertainty, and gold-backed cryptocurrencies have attracted the interest of crypto investors. This is because gold-backed crypto allows for security and stability.
Here are the top gold-backed crypto stablecoins:
PAX Gold (PAXG): This cryptocurrency was launched in 2019 by an American Company, Paxos. PAX Gold (PAXG) is a new type of gold-backed cryptocurrency. PAXG gives investors the security of knowing that a tangible asset supports their investment. PAXG can be bought, sold, or traded on exchanges like other cryptocurrencies.
However, because it is a gold-backed crypto, its value is more stable than other cryptocurrencies. This makes PAXG a good investment for those looking for a sturdier alternative to Bitcoin or Ethereum.
Tether Gold: Tether is well recognized as a stablecoin in the crypto space. It came into existence in 2020 with its gold reserves from vaults in Switzerland. Token owners can quickly identify their gold by entering the wallet address where their AUXt is stored. In addition, Tether Gold provides services that allow users to convert their cryptocurrency into actual gold or cash.
Meta Gold: Meta Gold came into existence due to a collaboration between an Australian tech startup and a Blockchain protocol company: Meta Gold and Algorand. It is a part of their existing gold supply chain. The user can provide fast gold buying, selling, and settlement. Another advantage is that the platform enables users to exchange digital crypto-gold and physical gold.
DigixGlobal (DGX): DigixGlobal offers gold-backed DGX tokens. It is based in Singapore. The DGX token is backed in a 1:1 ratio with gold. It has a market capitalization of $1,183,867. Each token is worth one ounce of gold. The gold is preserved in Canada and Singapore. This represents a unique value-added feature, especially compared to the other gold-backed cryptocurrencies on this list. Furthermore, storage areas in two different regions of the world reduce the risks associated with having only one location.
Gold Coin: Digital Gold LTD created the Gold Coin cryptocurrency. The stablecoin was created by a team of volunteers who believe in promoting economic freedom. This team created and currently maintains the cryptocurrency. Investors who hold GLC have access to unique functionalities, which include two-minute transaction confirmation speeds. This makes it the fastest transaction of any gold-pegged token. GLC also has an exclusive Goldcoin Wallet for any gold purchased. It has no transaction fees. This makes it extremely simple for investors to buy and hold gold currency.
Perth Mint Gold Token (PMGT): Perth Mint Gold Token (PMGT) is a gold-backed cryptocurrency. One PMGT is equal to 1/100th of a troy ounce of gold, and the tokens are stored in The Perth Mint, one of the world’s largest and most respected bullion storage facilities. The Perth Mint is fully insured, and the gold is audited monthly by an independent firm. In addition, PMGT holders can redeem their tokens for physical gold at any time.
As such, PMGT offers a number of advantages over other cryptocurrencies. First, the value of PMGT is directly linked to the price of gold, making it a stable investment. Second, PMGT is backed by a government entity, providing an additional layer of security. Finally, because The Perth Mint is a world-renowned gold refinery, investors can be confident that they are receiving high-quality gold. As a result, the Perth Mint Gold Token provides investors with a convenient and cost-effective way to invest in gold, and it is one of the few cryptocurrencies backed by a tangible asset.
Anthem Gold: This stablecoin was created in 2019 by Anthem Vault Inc. The tokens are backed by one gram of physical gold and are fully insured. It is kept in a secure location with a non-bank operator. This provides transparency and security for users. Anthem Gold is a convenient way to invest in gold without storing or transporting it physically. It also offers lower fees and faster transaction times than traditional methods. Anthem Gold is an innovative company changing how people invest in gold. It is accessible via Anthem Gold Edge Wallet.
Diversify your portfolio with Paxos Gold (PAXG) – a digital currency that copies gold’s value and can be found on IXFI Markets. Paxos Gold (PAXG) is tradeable against 4 other cryptocurrency pairs: Bitcoin (BTC), BUSD, USDT, and BNB.
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