Skip to content

PAXG vs XAUT redemption fees: 0.5% above $20M

Each Paxos fee band applies only to its slice of rolling 30-day redemptions, from $2M up past $20M.

PAXG vs XAUT redemption fees: 0.5% above $20M

Redeeming tokenized gold with the issuer means swapping the token back for dollars or a physical bar, and it costs a fee. For PAX Gold (PAXG) and Tether Gold (XAUT), which of the two is cheaper depends almost entirely on how much you redeem.

Which is cheaper to redeem, PAXG or XAUT?

PAXG is cheaper to redeem for most holders. If your rolling 30-day net redemptions stay below about $10 million, Paxos charges 0.125% on the first $2 million and 0.250% from $2 million to $10 million. Tether Gold charges a flat 0.25% on direct redemptions. Above $10 million, Paxos's marginal rate rises to 0.350%, then to 0.500% above $20 million. At that point each extra dollar costs more to redeem with Paxos than with Tether Gold .

Quick Answer: PAXG costs less to redeem until you pass about $12.5 million in 30-day net redemptions. Since September 1, 2026, Paxos charges 0.125% to 0.500% by band. XAUT charges a flat 0.25%. On a $1 million redemption, the fee is about $1,250 for PAXG and $2,500 for XAUT.

The key change came on September 1, 2026. From that date, Paxos bases PAXG redemption fees on each account's rolling 30-day net redemptions and charges them marginally. Each rate applies only to the slice of volume inside its band, not to the whole amount . This works like income tax brackets. Moving into a higher band does not raise the rate on dollars you have already redeemed:

  • First $2M: 0.125%
  • $2M to $10M: 0.250%
  • $10M to $20M: 0.350%
  • Above $20M: 0.500%

Because the bands are marginal, PAXG keeps its cost advantage a little past the $10 million mark. These figures assume an account with no other net redemptions in the prior 30 days. A $10 million redemption costs $22,500 on Paxos (an effective 0.225%) and $25,000 at Tether Gold's 0.25%. The total costs break even at about $12.5 million. Above that, XAUT is cheaper. At $20 million, the fee is roughly $57,500 for PAXG and $50,000 for XAUT .

Each side has extra costs to factor in:

  • PAXG in-kind conversion: Paxos adds a 0.05% fee when you convert into allocated or unallocated gold .
  • XAUT on the way in and out: Tether Gold charges its 0.25% when you buy direct as well as when you redeem. It also says "certain additional fees on redemption may apply," such as Swiss delivery charges or a broker's mark-up .

As of November 13, 2026, Paxos's former PAX Gold fee article in its help center returns an HTTP 404 error. The current redemption bands, the September 1, 2026 effective date and the 0.05% in-kind conversion fee now appear in Paxos's PAX Gold (PAXG) Overview .

These fees apply only when you redeem directly with the issuer. Paxos says its bands do not cover PAXG bought or sold on exchange order books outside the Paxos wallet . Tether Gold charges nothing on secondary on-chain trades beyond network gas . Most retail traders who sell on an exchange never pay either schedule. They pay the exchange's trading fee and the spread instead.

How do Paxos's tiered redemption bands actually work?

Paxos's redemption bands work like income tax brackets. Each rate applies only to the part of a redemption that falls inside its band, not to the whole amount. Since September 1, 2026, Paxos has charged 0.125% on the first $2M of an account's net redemptions, 0.250% on $2M to $10M, 0.350% on $10M to $20M and 0.500% on anything above $20M . The "0.5% above $20M" figure in the headline is the top rate, not the rate most redeemers pay. Paxos counts these amounts over each account's rolling 30-day net redemptions, calculated as total redemptions minus total creations in the trailing 30 days, so the bracket you land in depends on how much you redeemed in the past month as well as today (source: Paxos, PAX Gold (PAXG) Overview, 2026-11).

Band (rolling 30-day net redemptions)Marginal rateMaximum fee within bandCumulative fee at top of bandEffective rate at top of band
$0 – $2M0.125%$2,500$2,5000.125%
$2M – $10M0.250%$20,000$22,5000.225%
$10M – $20M0.350%$35,000$57,5000.2875%
Above $20M0.500%No capNo upper bound: $57,500 + 0.5% of net redemptions above $20MRises toward 0.5%

Rates come from Paxos's fee schedule, effective September 1, 2026 . The dollar columns are calculated from those rates.

Worked example: a $25M redemption

Take an account that redeems $25M net in one 30-day window. Each slice is charged at its own band's rate :

  • First $2M at 0.125% = $2,500
  • Next $8M ($2M–$10M) at 0.250% = $20,000
  • Next $10M ($10M–$20M) at 0.350% = $35,000
  • Final $5M (above $20M) at 0.500% = $25,000

The total is $82,500, a blended rate of 0.33%. A flat 0.5% on the full $25M would be $125,000, so the marginal design saves this holder $42,500 compared with the headline rate. Smaller amounts get cheaper still. A $1M redemption costs $1,250 (0.125%), and a $10M redemption costs $22,500 (0.225%). The blended rate only gets near 0.5% when redemptions reach far beyond $20M.

The extra 0.05% for converting to gold

The bands cover redemptions to US dollars. Holders who want metal instead, converting PAXG into allocated physical bars or unallocated gold, pay a separate 0.05% in-kind conversion fee . On $1M of PAXG that is $500. Taking an allocated bar has extra conditions under the PAXG terms. You need at least 430 PAXG plus the fee for each London Good Delivery bar, tokens above the bar's actual weight are credited back, and the request can trigger extra due diligence .

Why the rolling 30-day window matters

Because the bands reset as old redemptions leave the 30-day window, timing changes the bill. Take the same $25M split into two $12.5M redemptions more than 30 days apart. Each costs $2,500 + $20,000 + $8,750 = $31,250, so the two together come to $62,500 instead of $82,500. That difference is simple arithmetic on the published bands. It still has to be weighed against the gold price moving while you wait. The window is counted per account and on net redemptions , so treasury desks and large holders should plan redemptions across the calendar rather than treat each one as a separate event.

Two limits keep this in perspective. The bands apply only to redemptions processed through Paxos, not to PAXG traded on exchange order books outside the Paxos wallet . And for holders who never redeem, the costs that matter more are Paxos's current zero storage fee (source: Paxos PAX Gold) and the $2.00 monthly inactivity fee charged on accounts with 12 months or more of no issuance or redemption activity .

What does XAUT redemption cost, and what are the minimums?

Redeeming XAUT directly with Tether Gold costs a one-time fee of 0.25% (25 basis points). You can only redeem in blocks of 430 tokens, which is about one LBMA Good Delivery bar. Delivery or brokerage charges come on top of that fee. According to Tether Gold, "there are no custody fees, just a one-time 25 basis point fee at the time you purchase or redeem," and "certain additional fees on redemption may apply" . That makes XAUT a flat-fee product at any size. Paxos's fee rises in bands as redemptions get larger, but XAUT's headline rate stays the same.

The 430-token minimum is the biggest hurdle for most holders. At CoinGecko's XAUT price of $3,872.43 on November 12, 2026 , one 430-token block is worth about $1.67 million. The 0.25% fee on that block comes to about $4,160. Holders below that threshold have no direct redemption route. XAUT does not offer a cash or unallocated-gold option below bar size, so small positions can only be sold on an exchange or another secondary market.

Direct purchase and redemption terms

The fee schedule on gold.tether.to sets these terms for buying from and redeeming with TG Commodities :

  • Account verification: 150 USD in Tether, non-refundable, paid before any direct trading.
  • Minimum direct purchase: 50 XAUT.
  • Purchase fee: 0.25%, charged once at the time of purchase.
  • Redemption fee: 0.25%, plus "certain additional fees" that may apply.
  • Redemption size: increments of 430 tokens only.
  • Transfers and secondary trades: no Tether Gold fee, but network gas fees still apply.
  • Custody: no ongoing storage or custody fee.

Buying and later redeeming directly therefore costs about 0.5% of the position's value in issuer fees, plus the one-time $150 verification charge. Traders who buy XAUT on an exchange skip the 50-token minimum and the verification fee, but they pay that exchange's trading fees and spread instead.

Bar weight adjustment and delivery costs

Good Delivery bars do not weigh exactly 430 troy ounces. The LBMA Good Delivery standard allows a gold content of 350 to 430 troy ounces per bar (Wikipedia, Good delivery). Tether Gold's terms say that if the delivered bar weighs less than 430 oz, the number of tokens redeemed is reduced to match the bar's actual weight, to three decimal places . Only the tokens matching the real bar weight are redeemed, and the rest stay in your account.

After redemption, you have two options :

  • Take physical delivery to an address in Switzerland. You pay the delivery fees, and Tether Gold publishes no fixed figure for them, so get a quote before you start.
  • Have Tether Gold arrange a sale through a licensed gold broker. This may carry a brokerage fee or dealer mark-up, which is also not set in advance.

The 0.25% is the only XAUT redemption cost published as a fixed number. Shipping, insurance and broker margins vary with each request, so budget for an all-in cost above 0.25%. Under the terms, each token is also an undivided interest in a specific bar, and Tether Gold can reassign that interest to a different bar without notice, including on every on-chain transfer . You are not tied to one fixed bar until redemption.

How do PAXG and XAUT attestations and reserves compare?

PAXG and XAUT both publish reserve reports, but on different schedules. Paxos says it publishes monthly attestation reports for PAXG . Tether Gold posts quarterly ISAE 3000 (Revised) assurance opinions on its reserves report, and the latest is dated 30 September 2026 . In practice, PAXG holders get a fresh reserve check about three times as often. XAUT holders get a more detailed breakdown each time.

An attestation is a report from an independent accounting firm. It confirms that the issuer's stated reserves matched its token supply on a specific date. It is narrower than a full financial audit. Neither issuer's public product page that we reviewed names the current accounting firm, so check the signed PDF itself if the firm's name matters to you.

On the PAXG side, the PAX Gold product page commits to monthly reports. The Paxos developer documentation also describes monthly reserve-composition reports alongside independent third-party attestations . Because the gold sits in segregated, allocated storage in London, each report mainly confirms that the ounces held equal the tokens outstanding.

Tether Gold's report gives more detail. According to the figures for 30 September 2026 shown on gold.tether.to:

  • Reserves vs supply: the Custodian held 827,417.63 fine troy ounces against 827,417.63 XAUT in circulation, which is gold backing of "at least 1" ounce per token . At 31.1034768 grams per troy ounce (Wikipedia, Troy ounce), that works out to roughly 25.7 tonnes of gold.
  • Market value: XAUT in circulation was worth US$3,439,914,329 at a reference price of US$4,157.41 per ounce .
  • Sold vs unsold: 709,323.66 of the minted tokens had been sold to holders, backed by gold worth US$2,948,949,277. Another 118,093.97 tokens were unsold and held by Alpha Group Commodities, S.A. de C.V., a related entity of the issuer, backed by gold worth US$490,965,052 .
  • Track record: earlier opinions are posted for 30 June 2026, 31 March 2026, 31 December 2025 and 30 September 2025 .

XAUT supply figures don't always match across sites. CoinGecko listed 808,994.63 XAUT in circulation as of 12 November 2026 . CoinGecko's 00:00 UTC daily snapshot for that date gives a market cap and a price whose ratio implies the same count, about 808,995 tokens . That number sits between the 709,323.66 sold and 827,417.63 minted tokens in the September report, and it was taken six weeks later. Neither source publishes a reconciliation of the two, so the gap on its own is not evidence of a shortfall in reserves.

Supporters of tokenized gold point to these reserve reports as the reason the model works at all. Ownership changes on-chain while the metal stays put:

"For money purposes, tokenized gold is better than physical gold. Ownership can change hands while the gold never leaves the vault," — Peter Schiff, gold advocate and economist, as quoted in Binance's explainer (source: Binance)

That argument holds only as long as the vault and the reports can be trusted (video: Binance).

The main limit applies to both tokens. An attestation confirms reserves at a single point in time. It does not show what happened to the metal between reporting dates, and it is not a continuous guarantee. A monthly schedule shortens that blind spot to about four weeks for PAXG. XAUT's quarterly schedule leaves up to three months between checks. If you hold a large position, read the latest report before you redeem or add to it, and note its date. A report dated 30 September 2026 says nothing about reserves in November.

Who regulates each issuer and who can buy direct?

A US federal bank regulator supervises the PAXG issuer. A digital-asset regulator in El Salvador supervises the XAUT issuer. Paxos Trust Company, N.A. issues PAXG "pursuant to specific approval from the OCC", the US Office of the Comptroller of the Currency, according to the PAXG terms . On December 12, 2025, the OCC announced that it had conditionally approved Paxos Trust Company's application to convert from a state trust company to a national trust bank (OCC News Release 2025-125) . TG Commodities, S.A. de C.V. issues XAUT under the supervision of El Salvador's National Commission of Digital Assets . Both issuers can redeem directly, but only for customers who pass their onboarding checks.

On the PAXG side, Paxos's product page calls the token "OCC regulated" under "Federal oversight" . The terms were last modified on December 12, 2025. They hold the gold on a segregated basis in LBMA-approved London vaults . In practice, a chartered US trust company with a federal regulator holds the metal for you. To buy, convert or redeem with Paxos itself, you need a verified Paxos account. Requests to redeem into allocated gold can also trigger extra due diligence .

The XAUT issuer has moved. The Tether Gold terms say TG Commodities Limited redomiciled from the British Virgin Islands to El Salvador, effective 27 January 2025. The issuer states it "has obtained authorisation as a Stablecoin Issuer and Digital Assets Service Provider" under El Salvador's stablecoin regulations . Buying direct from Tether Gold costs more up front:

  • Verification: a non-refundable fee of 150 USD in Tether .
  • Minimum purchase: 50 Gold Tokens, worth roughly $194,000 at CoinGecko's price of $3,872.43 on 2026-11-12 .
  • Fee: a one-time 25 basis points on purchase or redemption with TG Commodities. Tether says "certain additional fees on redemption may apply" .

Most retail traders never meet either issuer's onboarding. When you buy PAXG or XAUT on an exchange, the exchange's own account rules apply instead of the issuer's minimums. Exchange purchases also don't give you a direct redemption relationship. If you plan to turn tokens into a bar someday, the issuer's account requirements matter more than its fee table.

Regulation is the reason this matters, because tokenized gold moves the risk instead of removing it. Peter Schiff, a long-time Bitcoin critic, made the case for the format at Binance Blockchain Week:

"For money purposes, tokenized gold is better than physical gold. Ownership can change hands while the gold never leaves the vault," — Peter Schiff, economist and gold advocate (source: Binance)

Gold that never leaves the vault is also gold you never hold. Your claim depends on the issuer's honesty, on vault security and on courts enforcing your rights (video: Binance). For that reason, who supervises the issuer is part of the asset itself. PAXG's issuer is supervised by a US federal bank regulator, and XAUT's issuer by a newer El Salvador framework after moving jurisdiction once already. Supervision covers the issuer, not your tokens, and neither regulator insures the gold.

PAXG vs XAUT side by side: fees, minimums, attestations, access

PAXG and XAUT both promise one fine troy ounce of LBMA Good Delivery gold per token, and both need 430 tokens for a physical bar. Where they differ is in the details around that core. PAXG has a US federal supervisor, monthly attestations and redemption fees that rise in bands from 0.125% to 0.5% . XAUT has an El Salvador supervisor, quarterly assurance opinions and a flat 0.25% fee on direct purchase or redemption . The table below sets out the issuer terms in one place.

CriterionPAX Gold (PAXG)Tether Gold (XAUT)
IssuerPaxos Trust Company, N.A. TG Commodities, S.A. de C.V. (moved from BVI to El Salvador, 27 January 2025)
SupervisorUS Office of the Comptroller of the Currency (OCC)National Commission of Digital Assets, El Salvador
Backing1 fine troy oz of London Good Delivery gold, held segregated in LBMA-approved London vaultsUndivided interest in 1 fine troy oz on a specific LBMA Good Delivery bar, which can be reallocated without notice
Reserve reportingMonthly attestation reports Quarterly ISAE 3000 (Revised) opinions; latest dated 30 September 2026
Storage / custody feeNone today. Paxos can add one later, with 30 days' notice, by minting new tokens to itselfNone
Redemption feeCharged at the margin on rolling 30-day net redemptions: 0.125% up to $2M, 0.250% for $2M–$10M, 0.350% for $10M–$20M, 0.500% above $20M (since 1 September 2026) 0.25% one-time fee on direct purchase or redemption; "certain additional fees" may apply
In-kind conversion fee0.05% into allocated or unallocated goldNone listed; bar delivery and broker fees may apply
Physical bar minimum430 tokens plus fee, with any excess credited back after weighingIncrements of 430 tokens, reduced to match the actual bar weight
Redeeming less than one barYes, to USD or unallocated goldNo, bar-sized increments only
Direct-buy accessVerified Paxos account. Inactivity fee of $2.00/month after 12 months without activity50-token minimum plus a non-refundable 150 USDT verification fee
Market cap (CoinGecko, 2026-11-12)About $1.73B, rank #51 About $3.13B, rank #32

A few rows matter more than the rest. For anyone redeeming less than $2M in 30 days, PAXG's 0.125% first band costs half of XAUT's 0.25% flat fee, according to Paxos and Tether Gold. Because PAXG charges each band only on the amount inside it, its blended rate always stays below 0.5%. Even a very large redemption therefore costs less than 0.5% overall. The Paxos fees do not apply to tokens bought or sold on exchange order books outside the Paxos wallet .

Access is the other clear difference. Holders of fewer than 430 tokens can still leave PAXG through the issuer by taking dollars or unallocated gold . XAUT holders below one bar have to sell on the secondary market. On size, XAUT's market cap is roughly 1.8 times PAXG's, based on CoinGecko data last updated 12 November 2026. Market cap measures size, not order-book depth, so compare the spread on your own exchange. Kraken lists both tokens for trading (PAXG, XAUT), and Coinbase says PAXG is available on its exchange (Coinbase).

What risks apply to both tokens?

Both tokens share three main risks: counterparty risk, fee-change risk and practical limits on physical redemption. Holding PAXG or XAUT means trusting that the issuer is honest, that the vault is secure and that a court would uphold your claim to the metal. Neither token removes those dependencies. They make gold easier to move, but they add an issuer between you and the bar (video: Binance).

Counterparty risk: issuer, vault and courts

Counterparty risk is the chance that someone you rely on fails to do their part. For tokenized gold, that risk comes in three layers:

  • Issuer honesty. The token is only worth as much as the issuer's promise that matching gold exists and will be handed over on request.
  • Vault security. The bars sit with a custodian. PAXG's gold is held by Paxos Trust in segregated LBMA-approved vaults in London (source: Paxos PAXG Terms, 2025-12). XAUT's gold is held by the Custodian, which the Tether Gold terms define as "the custodian(s) of the Gold Reserves" (source: Tether Gold Terms of Service).
  • Legal enforceability. Your claim depends on the issuer's terms and the courts that oversee them. Under its terms, Tether Gold can reassign your interest to a different bar without notice, including on every on-chain transfer . Each token still carries an undivided specific ownership interest in one fine troy ounce on a specific bar, and the terms say any reallocation is automatic and instantaneous so that this interest is kept at all times. If a bar is lost, damaged or stolen, the loss falls on the holders of tokens tied to that bar (sections 4.3 to 4.5 of the Tether Gold terms) . The bar behind your tokens can change without prior notice.

Fee-change risk

A fee that is zero today may not stay zero. Paxos currently charges no storage fee for PAXG (source: Paxos PAX Gold). However, its terms let it add one later by issuing new PAXG to itself, which dilutes existing holders, after giving at least 30 days' notice . Paxos has already changed its redemption pricing once. The banded structure started on September 1, 2026 . The same terms also charge a $2.00 monthly inactivity fee on accounts with no issuance or redemption activity for 12 months or longer . On the XAUT side, the fee schedule warns that "certain additional fees on redemption may apply" on top of its 0.25% charge . If you plan to hold for years, budget for today's fees changing.

Physical redemption is for large holders

The right to take delivery of a bar is real, but very few retail holders can use it. Both issuers set physical redemption at about 430 tokens per London Good Delivery bar, adjusted to the actual bar weight . At CoinGecko's price of about $3,873 per token on 12 November 2026, one bar is worth roughly $1.67 million . For most holders, "backed by gold" in practice means "can be sold or redeemed for cash," not "can be collected from a vault."

Why independent verification matters

At Binance Blockchain Week, CZ handed Peter Schiff a 1,000 g gold bar during their debate on Bitcoin versus gold (video: Binance). Without an assay, nobody can confirm by looking at a bar that it is genuine gold of the stated weight and purity. Token holders face the same problem at a larger scale and from further away. They will never see the bars, so issuer claims are only as good as the independent checks behind them. Treat the attestation history covered above as the main evidence the reserves exist. If an issuer misses a scheduled report or changes how it reports, take that as a warning sign.

Which token fits you? A decision framework

For most retail traders, the best choice depends on where you buy and how much you plan to redeem. If you trade on an exchange and never redeem with the issuer, choose the token with better liquidity and tighter spreads on your venue. Paxos says its redemption bands do not apply to tokens bought or sold on exchange order books outside the Paxos wallet . Tether Gold charges no fee on secondary on-chain trades, though you still pay network gas . The fee differences only matter if you deal directly with the issuer.

Use the profiles below to find the case that matches yours.

  • Exchange trader holding under one bar: Ignore issuer minimums and compare the order-book depth on your exchange. XAUT is the larger token, with a market cap of about $3.13 billion against about $1.73 billion for PAXG on CoinGecko as of November 12, 2026 (CoinGecko XAUT, CoinGecko PAXG) . Market cap is not the same as liquidity on your exchange, so check the live spread before you buy.
  • Direct holder redeeming up to about $12.5M in 30 days: PAXG costs less. The first $2M is charged at 0.125%, and the next $8M at 0.250%. At $10M of net redemptions, the blended cost is $22,500, or 0.225%. That is below XAUT's flat 0.25% (Paxos fees) . PAXG can also be redeemed for US dollars below one bar, which XAUT does not allow .
  • Large holder redeeming over $20M in 30 days: Work out the blended cost before you choose. Paxos's blended rate passes 0.25% at about $12.5M. It reaches roughly 0.29% at $20M ($57,500) and about 0.36% at $30M, because every dollar above $20M is charged 0.500% . XAUT advertises a one-time 0.25% fee, but Tether notes that "certain additional fees on redemption may apply." You also pay for delivery within Switzerland or a broker's mark-up if you sell the bar (Tether Gold) . Add those costs before you assume XAUT is cheaper, and confirm you are eligible to open an account.
  • You care most about reporting frequency and the regulator: PAXG publishes monthly attestations, and its issuer is supervised by the US OCC (Paxos) .
  • You care most about size and the gold reserve: XAUT is larger. Its latest quarterly ISAE 3000R opinion, dated September 30, 2026, reports 827,417.63 fine troy ounces held against the same number of tokens (Tether Gold assurance opinion) .

Before any trade or redemption, run through this checklist:

  1. Check the fee pages. Open the fee section of Paxos's PAXG Overview and the Tether Gold fee schedule the same day you redeem. The Paxos bands took effect on September 1, 2026, and fee pages can change or move.
  2. Check the latest attestation date. PAXG should have a report from the last month, and XAUT one from the last quarter. A missed report is a warning sign.
  3. Confirm you are eligible. Each issuer requires KYC. XAUT also has a 50-token minimum purchase and a non-refundable verification fee of 150 USDT .
  4. Know where the bar ends up. PAXG gold is held in London vaults, and XAUT bars are delivered within Switzerland. Make sure your plan works with that location.

Bottom line: if you only trade on exchanges, choose by spread. If you redeem directly and stay under about $12.5M in any 30-day window, PAXG's bands cost less. Above that, add up XAUT's 0.25% plus its delivery or broker costs and compare the totals before you choose.

Frequently Asked Questions

Are PAXG redemption fees charged on exchange trades?

No. Paxos charges redemption fees only on direct redemptions through a Paxos account. According to Paxos's PAX Gold (PAXG) Overview, the banded fees that started on September 1, 2026 do not apply to PAXG bought or sold on exchange order books outside the Paxos wallet . If you only trade PAXG on an exchange, your costs are that venue's trading fees and spread. Moving tokens on-chain also costs network gas.

Do I need 430 tokens to redeem physical gold?

Yes, for both tokens. The PAXG terms require at least 430 PAXG plus the fee for each London Good Delivery bar. Once the actual bar weight is known, any tokens above that weight go back to your account . Tether Gold redeems XAUT in steps of 430 tokens. If the bar weighs less than 430 oz, the number of tokens redeemed is reduced to match, to three decimal places . Smaller holders have different options. PAXG can be redeemed for US dollars or unallocated gold below one bar . XAUT holders below one bar usually sell on an exchange.

Is the 0.5% Paxos fee charged on my whole redemption?

No. Paxos charges by band, like income-tax brackets. Each rate applies only to its slice of your account's rolling 30-day net redemptions: 0.125% on the first $2M, 0.250% from $2M to $10M, 0.350% from $10M to $20M, and 0.500% only on the amount above $20M . Take a $25M redemption in one 30-day window. The fee is $2,500 + $20,000 + $35,000 + $25,000 = $82,500, about 0.33% overall, not 0.5%. Converting PAXG into allocated or unallocated gold carries a separate 0.05% fee .

How often are PAXG and XAUT reserves attested?

PAXG reserves are attested monthly. XAUT reserves get a quarterly assurance opinion. Paxos says it "publishes monthly attestation reports for PAXG" (source: Paxos, PAX Gold) . Tether Gold publishes quarterly ISAE 3000 (Revised) assurance opinions on its reserves report. The latest is dated 30 September 2026 (source: Tether Gold ISAE 3000R opinion) . That report lists 827,417.63 fine troy ounces held by the custodian against 827,417.63 XAUT in circulation .

Can US residents buy XAUT?

Not directly from the issuer, in most cases. Section 3.4 of the Tether Gold terms prohibits U.S. Persons from holding a Gold Token Wallet with Tether Gold or using its site services other than look-up services, except Eligible Contract Participants that Tether Gold agrees to at its sole discretion . That rule covers direct access through Tether Gold. Whether an exchange offers XAUT to US customers is a separate question, so check the exchange's own terms for your state. XAUT is issued by TG Commodities, S.A. de C.V., an El Salvador company supervised by that country's National Commission of Digital Assets. A direct account requires verification with a non-refundable 150 USD fee in Tether and a 50-token minimum purchase . Check Tether Gold's terms for who is eligible before you apply. PAXG is issued by Paxos Trust Company, N.A. under OCC approval. Buying direct requires a verified Paxos account . Whether an exchange offers either token depends on the venue and your jurisdiction.

Watch / Sources

  • Binance, "Tokenized Gold, Explained in 5 Minutes 30 Seconds" (video), cited above as "video: Binance": YouTube

Enjoyed this article? Subscribe to get new stories by email whenever they're published.

Subscribe