# Pendle Adds Paxos Labs’ Gold-Backed PAXGy to Yield Markets By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/34758 Published: 2026-10-19T12:10:01.000Z Updated: 2026-10-19T12:10:01.000Z Section: Investing > PAXGy is unavailable in the United States. Its gold-denominated returns depend on lending to institutional borrowers. Pendle has added Paxos Labs’ gold-backed PAXGy to its yield-trading markets, giving traders a way to trade future gold-denominated returns separately from principal, though PAXGy is unavailable in the United States. Pendle divides a yield-bearing asset into principal and yield positions that can trade independently. A Pendle market’s maturity applies to those positions, not to the underlying PAXGy token. Paxos Labs [launched PAXGy on Sept. 24](). The token is backed by Pax Gold (PAXG), which represents one fine troy ounce of gold held in London vaults. PAXGy is designed to increase the amount of PAXG redeemable for each token as reserves are lent to institutional borrowers. A holder’s PAXGy balance remains constant while that exchange rate changes. The returns are not guaranteed. Borrower defaults or other lending losses can reduce the PAXGy-to-PAXG exchange rate, while changes in the price of gold affect the token’s dollar value. ## Links in this article - [launched PAXGy on Sept. 24](https://www.tokenpost.com/news/business/24339)