THE BLOCK: Paxos Labs launched PAXGy, a new token backed by PAX Gold (PAXG) designed to increase in value in gold terms rather than dollars. The reserves backing PAXGy are deployed through institutional gold-lending markets, with the resulting yield increasing the amount of PAXG each token represents over time. PAXGy is available through OKX and onchain platforms including X Layer, Uniswap, 0x and EtherFi.