Paxos CEO, Chad Cascarilla, said in an interview with Fortune magazine that the Paxos cryptocurrencies, which will be backed by precious metals, will be released this year.

It is not yet clear whether it will be a gold token, or a mixture of many precious metals, but Cascarilla said that gold is, of course, the best candidate to be tokenized.

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In order to bring this concept into reality, Paxos must actually hold as much gold reserves as the amount that will be recorded under blockchain, which Cascarilla is aware of. However, he believes that Paxos' position as a financial institution allows the company to use the banking system to ensure that such supporting assets are held in the real world. Regarding the exact launch date of this project, Cascarilla refused to disclose it, but said that the token covered by the precious metals would be launched this year.

Paxos is also the author of stablecoin Paxos Standards (PAX), which works on Ethereum blockchaine and copies the dollar value of 1: 1. Launched in September, Cascarilla claims to be different from other stablecoins in that it is fully audited, highly regulated and approved by the NYDFS (New York State Department of Financial Services)