GMultipli Gang! 🫡
PAXOS fundamentally altered gold by introducing PAXG.
PAXOS has been the largest player for gold tokenization since they launched PAXG in 2019. PAXG has since grown by ~215% and has a market capitalization of ~$1.89B.
A quick look at the advantages of owning PAXG over physical gold:
Liquidity: PAXG trades on-chain 24/7, no vault visit required.
Divisibility: Own a fraction of an ounce; something no gold dealer offers.
No storage fees: Paxos doesn't charge you to keep it secure.
Portability: Send it anywhere on-chain, instantly.
Every PAXG token is backed by real, allocated gold, verified through Paxos's monthly reserve and attestation reports, independently audited by KPMG since February 2025. That's the combination that matters here: deep liquidity, serious scale, and reserve transparency that holds up to scrutiny.
PAXG is everywhere; just thinly spread
PAXG isn't sitting idle. It's live across major DeFi protocols like Uniswap, Morpho Blue, etc. and bridges into major chains like Arbitrum and Polygon. On the CeFi side, it's listed on major exchanges like Binance, Kraken, and Gemini, with swap and borrow support baked in. However, the total DeFi-active liquidity across all of them comes to roughly $14.6M, a fraction of a percent of PAXG's total market cap. Most of PAXG's volume still runs through centralized exchanges, not DeFi.
The reach is real. The depth, in any single venue, isn't. That's not a flaw in PAXG. It's what happens when one asset's liquidity gets fragmented across dozens of isolated integrations instead of consolidated into something a holder can actually put to work.
Why PAXG + rwaUSD
This is exactly the gap rwaUSD closes.
Deposit PAXG as collateral, mint rwaUSD against its USD value, and your gold position stays fully intact, no sale, no lost upside, no shuffling between a dozen thin pools to find usable liquidity. rwaUSD allows you to access any and all corners of DeFi, and it also ensures you own the underlying collateral.
Once minted, two paths open up:
Run your own strategy: take your rwaUSD into any DeFi market you choose.
Allocate to an asset manager: let one of Multipli's listed asset managers manage it and generate sustainable yield on your behalf.
PAXG was the obvious first collateral asset for this because it's already proven at scale; the largest gold-backed token by market cap, backed by monthly KPMG-audited reserves, and liquid enough to move in and out of a collateral position without friction. rwaUSD doesn't compete with PAXG's existing integrations; it's the layer that turns their combined, scattered reach into one deployable position.
Holding PAXG Alone | PAXG + rwaUSD on Multipli | |
|---|---|---|
Gold exposure | Yes | Yes, unchanged, no sale required |
Dollar liquidity | Fragmented across pools | Consolidated, via minted rwaUSD |
DeFi utility | One venue at a time | Any corner of DeFi, from one position |
Yield | None | Available through your own strategy or a listed manager |
Conclusion
Tokenizing gold was the first mile. PAXG already proved that, the next mile is making that reach usable. That's what rwaUSD is for, not another wrapper on top of PAXG, but a way to unlock liquidity from it without asking holders to give up the exposure they came for.
Deploy your PAXG on Multipli now.
Join our socials to get in touch:
See you soon 🫡
