Gold Near $4,100: Why Readers Keep Asking About XAUT vs PAXG Both tokens trade near $4,100 per ounce, which is why the XAUT vs PAXG question keeps showing up in search. Tether Gold (XAUT) and
Both tokens trade near $4,100 per ounce, which is why the XAUT vs PAXG question keeps showing up in search. Tether Gold (XAUT) and Pax Gold (PAXG) each stand for one fine troy ounce of vaulted gold. Both have Ethereum-based tokens and offer redemption.
This guide compares backing, attestations, redemption, liquidity and fees. It uses issuer reports and a 5 November 2026 market snapshot.
Each token represents one fine troy ounce of London Good Delivery gold.
TG Commodities, part of the Tether group, issues XAUT. Paxos Trust Company issues PAXG.
Here's the XAUT vs PAXG market snapshot:
Metric
XAUT
PAXG
Price
$4,105.50
$4,116.88
Market cap
$3.07B
$1.84B
24h volume
about $407M
about $127M
Circulating supply (market data)
749.42K
447.71K
Holders
142.35K
86.68K
In the XAUT vs PAXG snapshot, XAUT had the higher market cap, volume and holder count. Those aren't safety ratings. The prices differ by about $11, or 0.28%, which timing and venue can explain.
Tether's latest XAUT reserve report covers 30 September 2026 and was published on 4 November. It reports 827,417.630 fine troy ounces of physical gold against 827,417.630 XAUT in circulation. That's 1:1 backing, according to the issuer.
The Swiss-held gold meets London Good Delivery standards. Tether lists a reserve value of about $3.44 billion, up 59% from 520,089 ounces at the end of 2025.
Watch the supply labels. Tether's report separates 709,323.660 tokens sold from 118,093.970 available for sale. Market data lists 827.41K total but 749.42K circulating, which matches neither. Providers define terms differently, so check the report's date and scope.
Tether's look-up tool maps wallet addresses to bar details. Tether says holders own an undivided interest in gold on specified bars.
Paxos says PAXG is backed by allocated gold, with fractional ownership of physical bars. It publishes monthly attestation reports. Reports posted from 28 February 2025 come from KPMG LLP. Earlier ones came from Withum. Tether publishes quarterly XAUT reserve disclosures. In XAUT vs PAXG, frequency alone doesn't show which is safer.
An attestation gives assurance over a defined subject and date. It isn't a full audit, and it doesn't guarantee redemption in a crisis.
Both carry counterparty risk: reliance on a company to keep its promises. Holders have rights under issuer terms but don't physically hold a bar.
Paxos has a longer history under New York supervision. It received conditional OCC approval in December 2025 to convert to a national trust bank.
TG Commodities, the XAUT issuer, says it's authorised in El Salvador as a Stablecoin Issuer and Digital Assets Service Provider. In XAUT vs PAXG, these structures aren't directly equivalent, and neither is a guarantee.
Both issuers offer redemption routes. Physical delivery is built for institutional-sized bars, not small retail withdrawals. In the XAUT vs PAXG redemption rules, bar redemption starts near 430 tokens. At roughly $4,100 an ounce, that's about $1.76 million.
XAUT: Tether's fee schedule lists a 50-token minimum purchase and redemption in increments of 430 tokens. If the delivered bar holds fewer than 430 ounces, the amount redeemed may be adjusted. Verified customers can request delivery in Switzerland, or ask Tether to contact a licensed broker about a potential sale. Broker and delivery costs may apply.
PAXG:Paxos requires at least 430 PAXG plus fees for an allocated bar. It also offers conversion to unallocated Loco London gold and USD, subject to eligibility and verification.
For many retail holders, selling on an exchange is more practical. Redemption may support price alignment with gold. It doesn't guarantee a price floor.
Liquidity is how easily you can trade without moving the price. The spread is the gap between buy and sell prices.
We found no verified spread data, so we won't quote any. In the snapshot, XAUT's turnover ratio was higher. It traded roughly 13% of its market cap in 24 hours, against about 7% for PAXG.
In XAUT vs PAXG terms, higher turnover can point to easier trading. It doesn't guarantee it at your size or venue. Check order-book depth.
Direct issuer fees differ from exchange trading costs.
Cost
XAUT
PAXG
Storage or custody
None listed by Tether
None listed by Paxos
Direct purchase or creation
0.25%; 50-token minimum
Waived through 1 January 2027
Creation after waiver
n/a
0.02 PAXG flat below 2 oz; 1% for 2 to 25 oz; less above
Direct redemption
0.25% plus delivery or broker costs
From 0.125%, by 30-day net redemptions
Gold conversion
Delivery or broker costs may apply
0.05% in-kind fee
Secondary trading
Exchange fees, spread, gas
Exchange fees, spread, gas
Paxos's redemption model began on 1 September 2026. The first $2 million of net redemptions costs 0.125%, with higher marginal bands above it. Paxos says these fees don't apply to exchange order-book trades.
Tether's 0.25% doesn't cover every cost. Swiss delivery can add charges. A broker-assisted sale may add brokerage fees or dealer mark-ups.
Here's the hidden cost in XAUT vs PAXG fees. Many retail holders may find secondary-market trading more practical. Total cost still depends on venue, spread, trading fees and network.
Which gold token is better? It depends on your needs. This is a criteria view, not advice.
Active traders:XAUT showed the higher turnover ratio. Check depth on your venue.
Frequent checkers:PAXG's monthly attestations offer more frequent reporting.
Regulation-focused readers:Frameworks differ: US trust company for Paxos, El Salvador for TG Commodities. Neither is an endorsement.
Bar-sized institutions: XAUT delivers in Switzerland. Paxos help pages say PAXG bars go to UK vaults.
No token wins every row. That's the honest XAUT vs PAXG answer.
Both tokens give on-chain exposure to one ounce of gold. In the dated snapshot, XAUT had the higher market cap and turnover ratio. PAXG reports monthly. Bar redemption is institutional-scale on both.
What remains uncertain: real spreads, plus issuer, custody, redemption, legal and market-liquidity risks. Neither token is risk-free.
Before using either, read the latest reserve report, fee page and redemption terms.
Disclaimer: This article is for information only and isn't financial advice. Gold-backed tokens carry issuer, market and regulatory risks, and prices can fall. Do your own research before making financial decisions.
