XASH co-founder and CEO Kevin Huynh said in an Unchained Premium episode that the company is trying to address the stablecoin distribution problem with tokenized gold rewards. According to the episode description, XASH pays rewards to stablecoin users on Solana in Paxos Gold (PAXG).
XASH moved away from its original synthetic dollar plan
The conversation covered why XASH shelved its earlier proposal for a gold-backed synthetic dollar. Huynh said that model would have required a costly hedging operation, which became a key reason the company dropped the idea.
Instead of asking users to deposit funds with XASH, the platform lets them connect a Phantom or Solflare wallet and reach Solana DeFi venues including Kamino and Orca.
Monthly XP sets each wallet’s share of the gold pool
Under the model described in the episode, XP points function as a monthly scorecard. Those points determine each wallet’s pro rata share of a gold reward pool. The rewards are paid out in PAXG on Solana rather than in stablecoins, cash back, or a utility token.
The episode also framed the broader question behind the product: whether gold can work as an incentive where governance tokens have not delivered the intended effect.
Gold funding and the customer XASH is targeting
Huynh said the gold currently comes from a market development fund backed by venture capital. He added that XASH does not see end users as the long-term paying customer. In his view, that role belongs to stablecoin issuers looking to push their tokens into new venues.
He cited incentives tied to the PayPal USD Kamino vault as an example of what issuers are willing to spend on distribution.
Why Solana came first
Huynh also discussed why the model was built to function with or without the Clarity Act, why XASH launched on Solana rather than Ethereum, what is involved in the shift from closed beta to public beta, and why early users have wanted gold instead of cash.