London-headquartered GCEX Group launched tokenised gold trading on Tuesday for institutional and professional clients through its regulated entities in the UK, Denmark and Dubai.
The new offering includes two gold-backed tokens, Pax Gold (PAXG) and Tether Gold (XAUt), each paired against USD, USDC and USDT. Clients can access the products through two routes: direct on-chain ownership of the underlying tokens or USD-settled CFDs.
PAXG is an ERC-20 token issued by Paxos Trust Company and regulated by the New York Department of Financial Services. Each token represents one fine troy ounce of London Good Delivery gold held in LBMA-accredited vaults. XAUt is issued by TG Commodities, with each token backed by one troy ounce of gold stored in Swiss vaults.
The service is restricted to institutional and professional clients only and is not available to retail investors.
Lars Holst, Chief Executive of GCEX, said the launch reflected growing institutional interest in commodity derivatives and appetite for physical gold exposure without the logistical challenges of direct delivery or custody.
“We look forward to offering institutional clients efficient, fully on-chain access to physical gold via leading tokenized products,” Holst said. “It is an offering which is welcomed by clients as it enables them to trade through digital settlement mechanisms.”
GCEX operates the service through entities regulated by the Financial Conduct Authority in the UK, under MiCA in Denmark following a crypto-asset service provider licence secured in December 2025, and by the Virtual Assets Regulatory Authority in Dubai.
The tokenised gold launch follows GCEX’s introduction of Gold Futures CFDs in February. The company has been steadily broadening its commodity product suite over the past year, having rolled out eight spot products covering oil, gas and metals in June 2025. GCEX also acquired digital asset firm GlobalBlock in September 2025 to integrate wealth management capabilities.
