QSD
Every QSD is 31.1 milligrams of vaulted gold.
QSD is a gold-backed token on Ethereum. Each one is backed by 0.001 PAXG, a thousandth of a troy ounce, locked in a public contract that no one owns and no one can change. Swap PAXG in for QSD, or QSD back out for PAXG, at any time.
Gold goes in, QSD comes out. And back.
The contract does one thing: it holds PAXG and issues QSD against it at a fixed ratio. It cannot mint QSD any other way.
Get PAXG
PAXG is Paxos's gold token: one PAXG is one troy ounce of London Good Delivery gold. Buy it on Coinbase, Kraken or another exchange, and withdraw it to your Ethereum wallet.
Wrap it
Deposit PAXG into the QSD contract and receive 1,000 QSD for every PAXG that arrives. Your PAXG stays in the contract as backing.
Hold, send or redeem
Send QSD like any token. Whenever you like, return QSD to the contract and take out 0.001 PAXG for each one.
Swap between PAXG and QSD.
Connect a wallet on Ethereum mainnet. Wrapping takes two confirmations the first time: one to let the contract use your PAXG, one to wrap.
No wallet connected.
If Paxos switches its PAXG transfer fee back on, the contract mints QSD only for the PAXG that actually arrives, and PAXG you redeem arrives minus that fee. The vault stays fully backed either way.
Check the gold yourself, any time.
The contract's backing() function returns the PAXG it holds and the PAXG it would need to redeem every QSD. Held should always be at least owed.
| Reserve status | Not launched yet |
|---|---|
| PAXG held by the contract | — |
| PAXG needed to redeem all QSD | — |
| QSD in circulation | — |
| QSD contract | Published here at launch |
| Backing asset (PAXG) | 0x45804880De22913dAFE09f4980848ECE6EcbAf78 |
| Ratio | 1 PAXG = 1,000 QSD (fixed in code) |
| Owner, admin, upgrades | None. The contract has no owner and cannot be upgraded or paused by the QSD team. |
Read this before you wrap.
QSD is only as good as its contract and its backing. Here is what can go wrong.
The contract is unaudited
The code is short and public, and it passed its own test suite, but no independent firm has reviewed it. A bug cannot be fixed after launch. Start with amounts you can afford to lose.
PAXG depends on Paxos
Paxos holds the gold and controls the PAXG contract. It can pause PAXG transfers or freeze addresses, which would also stop QSD redemptions.
Gold's price moves
QSD tracks gold, not the dollar. Its dollar value rises and falls with the gold price. QSD is not a stablecoin.
Market prices can differ
If QSD trades on an exchange, its market price can drift from its gold value. Redeeming through the contract always returns 0.001 PAXG per QSD.
Frequently asked
Can I get physical gold for my QSD?
Not from QSD directly. Redeem QSD for PAXG through the contract, then follow Paxos's own process to redeem PAXG for gold or cash. Paxos sets the minimums and fees for that step.
Who can create new QSD?
Anyone who deposits PAXG, and only by depositing PAXG. There is no admin mint, so the supply always matches the gold in the contract.
Is QSD affiliated with Paxos?
No. QSD is an independent project that holds PAXG as backing. Paxos does not issue, endorse or redeem QSD.
Why 0.001 of an ounce?
It keeps one QSD at a few dollars, so it is easy to send and price in everyday amounts, while the conversion back to ounces stays simple: 1,000 QSD is one troy ounce.
What does it cost to wrap?
The QSD contract charges nothing. You pay Ethereum network gas for each transaction, and Paxos's PAXG transfer fee if Paxos turns it on.