Let deepResearch help me do a research report on PAGX - Gold Token: 1 - London Premium Delivery Bars held by Paxos Gold (PAXG) are "Allocated Storage" and not "Unallocated Storage". ✅ What is "Standalone Storage"? In the gold market, "allocated" means that each gold is assigned and numbered with a clear distribution and physical bar is registered in the name of the holder, segregated by the vault and can be linked to a specific bar serial number. This approach ensures: The ownership of the gold belongs to you, not to the custodian; Gold bars are kept exclusively and are not shared with others; Even if the custodian or platform goes bankrupt, the gold will not be used to repay debts; You can use the system provided by Paxos to find the specific bar number and vault corresponding to your PAXG. 🔒 PAXG is fully "Allocated Gold" Paxos makes it clear that the gold behind PAXG is "allocated London Good Delivery bars". These golds: Stored in Brink's Vault, London; Separately registered in the name of Paxos Trust Company; Each unit of PAXG can be traced back to a specific bar (users can check their bar information on the official website). 🚫 What does "shared storage" mean? "Unallocated" means that gold is held in a vault but is not allocated to a specific customer. This gold is more like a bank's "accounts receivable", where the customer holds the right to claim rather than a specific physical object. This type of storage is common in the gold derivatives market (e.g. paper gold, precious metals accounts of certain banks) and may be subject to "run" or "insufficient assets" in the context of systemic risk. Conclusion: PAXG's gold in custody is 100% Allocated, premium London bars with the strongest legal security and clarity of ownership. Compared to shared storage or paper gold, this model provides holders with maximum security and sovereign control. 2 - XAU is also independent storage. However, there are considerable differences between PAXG and XAU, especially at the level of legal entities: PAXG is a compliant financial product with clear beneficiary status for investors in the U.S. and is protected by the Trust Act; The legal attribution of XAU₮ is vague, making it difficult for investors to assert ownership of physical gold in court, more like "you trust Tether to keep it for you". See figure for details. Finally, Tether Gold (XAU₮) and the Tether company behind USDT belong to two sub-brands/subsidiaries under the same parent group (iFinex Inc.), but they are legally and asset-independent and not mutually liable. As a result, PAGX generally has a premium to XAU.