Borrow against PAXG
Teller accepts PAXG, one troy ounce of vaulted gold per token, as collateral at up to 50% LTV, lending USDC at 20% APR. Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral.
| Collateral | Network | LTV | APR |
|---|---|---|---|
| PAXG | Ethereum | 50% | 20% |
Pool data read . Rates and LTVs are set per pool and change when operators change them.
A dollar loan against gold you keep
One PAXG is one fine troy ounce of London Good Delivery gold, held by Paxos in a New York vault and redeemable for the physical bar. Teller pools price it live at $0 an ounce, which is why the LTV translates into a dollar figure the same way a bitcoin loan does.
At 50%, a single ounce backs a loan of about the ceiling above in USDC. Gold holders reach for this for the same reason bitcoin holders do: selling ends the position and starts a tax event, while borrowing does neither.
Why the rate is higher than on ETH
The pool quotes 20%, well above the near-1% on offer against WETH and cbBTC. One operator runs this pool and prices it alone, without the competition that pulls the ether pools down. Tokenized gold is also a newer on-chain collateral than ether, so the pool prices the inventory risk that comes with being early to it.
Weigh that against what the loan avoids. Selling an ounce to raise the same dollars realises any gain you hold, and buying back later costs the spread twice.
PAXG mechanics worth knowing
The token lives at 0x45804880de22913dafe09f4980848ece6ecbaf78 on Ethereum with 18 decimals, so fractional ounces work normally. Paxos is regulated by the New York Department of Financial Services and publishes the serial numbers of the bars behind the supply. Redemption for physical metal runs through Paxos rather than the chain, which puts the issuer alongside the Teller pool as a counterparty to your loan.
Silver has a row too. SLVon, Ondo’s tokenized iShares Silver Trust, sits at the same collateral ratio on a separate pool, though with far less behind it. It appears on the tokenized assets page alongside the equity tokens.
The loan
Deposit PAXG, receive USDC, repay or roll on the due date. No margin call arrives in between whatever gold does, because the term is fixed and the pool carries no liquidation threshold. Miss the due date and the ounce is forfeit.
Frequently asked questions
One fine troy ounce of London Good Delivery gold per token, held by Paxos and redeemable for the physical bar. Paxos is regulated by the New York Department of Financial Services and publishes the serial numbers of the bars behind the supply.
Yes. Deposit PAXG as collateral on Teller and receive USDC against it. You keep the ounce and any appreciation on it, and the loan is generally not a taxable disposal in the US the way a sale would be.
A single operator runs the PAXG pool and prices it without competition, while several pools compete on WETH. Tokenized gold is also a newer on-chain collateral, so the pool prices the inventory risk of being early to it.
Nothing happens to the loan. Teller loans are fixed-term with no liquidation threshold during the term, so no margin call can arrive. The due date is the obligation.
Yes. SLVon, Ondo's tokenized iShares Silver Trust, has a pool at the same collateral ratio, though with much less principal behind it. It is listed on the tokenized assets page.
Open a loan
Connect a wallet, deposit your collateral, and borrow a stablecoin. No credit check, no application.
Go to the borrow tab →No collateral to pledge? Check whether you pre-qualify for a no-collateral personal loan. Soft check, no hard pull.