GOLDST vs PAXG vs XAUT: Comparing Tokenized Gold in 2026

TL;DR: All three tokens give you one troy ounce of vaulted physical gold per token. PAXG and XAUT are the largest by market cap and the most liquid on Ethereum. GOLDST is the only one you can earn yield on without lending it out, the only one with sub-cent transaction costs, and the only one built into a full DeFi platform — trade it against a stablecoin, borrow against it, or deposit it into a vault, 24/7.

Gold has been having a moment, and tokenized gold has become the easiest way to own it without a safe, a dealer, or an ETF account. But the three main options are built for different owners. Here's how they actually compare.

At a glance

	GOLDST (STRATO)	PAXG (Paxos)	XAUT (Tether)
Backing	1 troy oz, 99.9% pure gold per token	1 fine troy oz London Good Delivery gold	1 troy oz per token
Where the gold sits	Insured vaults, New York City (BA Gold Enterprises, 47th St)	LBMA-accredited vaults, London	Swiss vaults
Proof of reserves	Monthly vaulting letters + independent CPA audits, published	Monthly attestations	Periodic attestations
Chain	STRATO L1 (bridge in from Ethereum, Base, Linea)	Ethereum	Ethereum
Typical transaction cost	~$0.01 on STRATO	Ethereum gas (varies, dollars at peak)	Ethereum gas (varies)
Physical redemption	Redeemable for the underlying metal	Minimum 430 PAXG (~one full bar) plus a five-figure flat fee	Minimum one full bar (~430 XAUT), ~0.25% fee
Issuance/redemption fee	Platform trading fees only	None on-chain; venue fees apply	~0.25% via issuer
Native yield	Yes — vaults and GOLDST/USDST pools	No	No
Trade 24/7 against	USDST on-chain; GOLDST/USDT on Coinstore	Major exchanges, DEXes	Major exchanges

Where each one wins

PAXG is the institutional pick. Paxos is a regulated US trust company, the gold is London Good Delivery in LBMA vaults, and PAXG has deep liquidity across major exchanges. If you're moving large size on Ethereum and want the most established issuer, PAXG is a strong choice. The trade-offs: physical redemption effectively requires a whole 430-ounce bar plus a large flat fee, and your gold just sits there — there's no built-in way to earn on it.

XAUT is the offshore heavyweight. Tether Gold is one of the largest tokenized-gold products by market cap, with the metal vaulted in Switzerland. It's liquid, simple, and backed by the biggest name in stablecoins. Trade-offs are similar to PAXG: full-bar redemption minimums, a ~0.25% issuer fee on redemption, Ethereum gas on every move, and no yield.

GOLDST is gold that works. Every token is one troy ounce of insured, audited gold in New York — with the vaulting letters and CPA audits published for anyone to check. The difference is what you can do with it: on STRATO, GOLDST trades against the USDST stablecoin around the clock with transactions that cost about a cent, and you can deposit it into vaults where on-chain liquidity strategies earn real yield — returns from trading activity, not token emissions. You can buy a fraction of an ounce, and it's redeemable for the metal itself.

The honest trade-offs

We'd rather you pick the right product than just pick ours:

• Liquidity: PAXG and XAUT have far larger market caps and more exchange venues today. GOLDST liquidity lives primarily on STRATO's own pools and Coinstore.
• Track record: Paxos and Tether have run their gold products for years at multi-billion-dollar scale. STRATO's platform heritage goes back to 2014 (the first Haskell Ethereum client, before Ethereum mainnet launched), but GOLDST itself is the newer product.
• Ecosystem: if your whole portfolio lives on Ethereum L1 and you never want to bridge, an Ethereum-native token is simpler. STRATO makes bridging in from Ethereum, Base, and Linea a guided step — but it is a step.

Who should choose what

• Choose PAXG if you're an Ethereum-native institution or large holder who values a US-regulated issuer above all else.
• Choose XAUT if you're already deep in the Tether ecosystem and want maximum-liquidity offshore gold exposure.
• Choose GOLDST if you want your gold to do something: earn yield in vaults, trade 24/7 against a stablecoin for about a cent per transaction, borrow against it, and still keep a redeemable claim on audited physical metal.

FAQ

Is GOLDST really backed by physical gold? Yes. Every GOLDST is backed 1:1 by one troy ounce of 99.9% pure gold held with BA Gold Enterprises Inc. in New York City. Reserves are insured and verified through monthly vaulting letters plus independent CPA audits — all published.

Can I earn yield on PAXG or XAUT? Not natively. You can lend them on third-party protocols, which adds counterparty and smart-contract risk on top. GOLDST earns through STRATO's own vaults and GOLDST/USDST pools, where returns come from trading activity rather than token emissions.

What does it cost to move each token? PAXG and XAUT move on Ethereum, so every transfer pays Ethereum gas. GOLDST moves on STRATO, where transactions cost about a cent.

How do I get GOLDST? Open the STRATO app, bridge in funds from Ethereum, Base, or Linea, and buy GOLDST directly — from a fraction of an ounce up. It also trades as GOLDST/USDT on Coinstore.

---

Gold data and product terms as of August 2026. PAXG and XAUT details from their issuers' published documentation; always verify current terms with the issuer. Nothing here is investment advice.