Good afternoon, everyone. I am 虚不虚拟. The token PAX Gold (PAXG) will be listed at 16:00 Beijing time, with a selling pressure of over 3000 USD per coin. Many friends are unclear about what this situation is, so I want to discuss it with you before the market opens:

PAX Gold (PAXG) is a gold-backed ERC-20 token launched by Paxos Trust Company in New York, with each token representing one troy ounce of London LBMA certified gold bars. The physical gold is stored by Brinks and regulated by the New York State Department of Financial Services. Its mechanism features include:
1. **Token Mechanism**: Based on the ETH network, can be divided up to 18 decimal places, supports conversion to physical gold, and is audited by a third party every month to ensure reserve transparency.
2. **Issuance and Price**: Launched in September 2019, the initial price was linked to the real-time price of gold. In April 2024, it surged to $2,923 due to a spike in safe-haven demand, with a premium of 20% over spot.
3. **Issuance Quantity**: The circulation volume is dynamically adjusted according to gold reserves, with a market value of nearly 500 million USD in 2024, ranking as the second largest tokenized gold asset in the world.
4. **Position and Compliance**: Users hold and query the corresponding gold bar serial numbers through their ETH address, with a significant proportion of institutional holdings, such as XBIT's daily large transaction volume reaching 700 million USD.
PAXG combines the stability of gold with the liquidity of blockchain, becoming a hedging tool for institutions and individuals, and is listed on major exchanges in multiple countries.