PAX Gold (PAXG)
1:1 gold-backed token. Each PAXG = 1 troy oz London Good Delivery gold.
Ranked 30th of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
PAXG scores 141 of 250 across the 25-variable framework, which places it 30th of 251 rated tokens and inside the top quartile of the set. The framework verdict is HOLD.
PAXG is a top-10 name in the set on 4 variables. The score rests on Vesting Schedule 10/10, 1st of 251, Circulating / FDV Ratio 10/10, 1st of 251, Insider Selling 8/10, 2nd of 251 and Treasury Runway 8/10, 4th of 251.
Against the same universe, PAXG sits in the bottom third on Developer Activity 3/10, 208th of 251 and Real Staking Yield 2/10, 199th of 251. These are the variables that would have to move for the verdict to change.
99.7% of eventual supply is already circulating, so vesting is not a live risk for PAXG. Price has to be justified by demand rather than absorbed against a cliff.
PAXG is 26.7% off its all-time high of $5,619, a 1.4x round trip from here.
The framework score gained 141 points against the previous pass (0 to 141). Revisions of this size follow a change in the underlying variables, not a change in price.
PAXG's strengths split in two. Market Share and Institutional Adoption are variables the market already pays up for, so that part of the score is priced. Supply Inflation, Vesting Schedule and Insider Selling are variables it does not price at all, and that is where holding this token is a disagreement with the market rather than an agreement with it. It is weak on Catalyst Calendar, which the market does price, so that damage is already done and visible in the valuation.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 4 | 60th of 251 | |
| Revenue Trend | 4 | 71st of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 2 | 199th of 251 |
Supply
| Supply Inflation | 8 | 8th of 251 | |
| Vesting Schedule | 10 | 1st of 251 | |
| Circulating / FDV Ratio | 10 | 1st of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 6 | 26th of 251 | |
| Insider Selling | 8 | 2nd of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 5 | 30th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 3 | 208th of 251 | |
| Network Growth | 4 | 100th of 251 |
Position
| Market Share | 7 | 20th of 251 | |
| Competitive Moat | 7 | 14th of 251 | |
| Institutional Adoption | 7 | 17th of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 8 | 6th of 251 | |
| Catalyst Calendar | 3 | 158th of 251 | |
| BTC Alpha Potential | 5 | 13th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 8 | 4th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Catalyst on the scorecard
Gold near $4,380/oz in August 2026 after a record high in January 2026, with continued central-bank buying.
These items have already passed: August 2026, January 2026. This was written as forward-looking at the 18 Sept 2026 scoring pass, so read those parts as history. Anything else listed may still be ahead.
Principal risk
Paxos trust company insolvency or loss of its NYDFS trust charter would break gold redemption peg.
Market and supply
| Price | $4,118 |
| Market cap | $1.79Brank 57 |
| All-time high | $5,61928 Jan 2026 |
| Circulating supply | 435,430 |
| Eventual supply (total supply) | 436,653 |
| Dilution to full supply | 1x |
| Listed on | Binance, Kraken, Coinbase |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to PAXG measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
PAXG compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
Common questions
- What is the Early Thunder score for PAX Gold (PAXG)?
- PAXG scores 141 out of 250 on the 25-variable framework, ranking 30th of 251 rated tokens (top quartile). The framework verdict is HOLD.
- What are PAXG's strongest fundamentals?
- PAXG ranks highest on Vesting Schedule 10/10, 1st of 251, Circulating / FDV Ratio 10/10, 1st of 251, Insider Selling 8/10, 2nd of 251 and Treasury Runway 8/10, 4th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the PAXG thesis?
- PAXG scores in the bottom third of the universe on Developer Activity 3/10, 208th of 251 and Real Staking Yield 2/10, 199th of 251. The single risk carried on the scorecard is: Paxos trust company insolvency or loss of its NYDFS trust charter would break gold redemption peg.
- How much PAXG supply is still to enter circulation?
- 99.7% of eventual PAXG supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0.3% of fully diluted value ahead of current holders.
- How far is PAXG from its all-time high?
- PAXG trades 26.7% below its all-time high of $5,619. Returning to that high requires a 1.4x move from the level used in this scoring pass.
- Which tokens have a similar profile to PAXG?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to PAXG are QNT (116), NMR (98), PROP (93) and STORJ (108). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What catalyst was PAXG scored against?
- Gold near $4,380/oz in August 2026 after a record high in January 2026, with continued central-bank buying. This was written as forward-looking when the scoring pass ran. The August 2026 and January 2026 item has since passed, so read that part as history. Anything else listed may still be ahead.
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.