Event Overview
Paxos has launched its gold-backed token PAXG on the Solana mainnet via the Sunrise protocol, according to ChainCatcher. This makes PAXG the first gold token that is regulated by the U.S. Office of the Comptroller of the Currency (OCC) and simultaneously available on the Solana ecosystem.
PAXG and OCC Regulation
PAXG is a digital token issued by Paxos, each representing one fine troy ounce of London Good Delivery gold. As an OCC-regulated asset, PAXG benefits from regulatory oversight and regular audits of its gold reserves, ensuring transparency and compliance. Prior to this deployment, PAXG primarily operated on Ethereum and other networks.
Sunrise Protocol and Solana Integration
The Sunrise protocol is a cross-chain solution that enables token transfers between different blockchains. Through this protocol, PAXG has been successfully integrated into Solana, allowing users to hold, trade, and transfer PAXG on the Solana network. Solana's high throughput and low transaction fees provide a more efficient environment for daily use of a gold-pegged token.
This listing enriches the real-world asset (RWA) category within the Solana ecosystem and sets a precedent for the cross-chain deployment of other regulated tokens.