3 New Ways to Use Pax Gold (PAXG) on YouHodler
Since adding Pax Gold (PAXG) to our platform back in April, the YouHodler community has really embraced this gold-backed stablecoin. You can blame it on the uncertain economy, the sheer innovation of the technology, or a little bit of both. That’s beside the point. What’s more important is how we can teach you to utilize this wonderful asset to your advantage. We’ll keep it simple with 3 easy ways to use PAXG on YouHodler.
Strategy #1: Earn interest on Pax Gold (PAXG)
The first strategy we’ll present is the most straightforward. With PAXG savings accounts on YouHodler, users earn interest on their gold deposits via the PAXG stablecoin The platform offers interest rates of 8.2% APY for PAXG with weekly interest payouts. Gold is one of the most stable traditional assets out there so this is a great option for someone looking to HODL gold while earning a small passive income in the process.
Strategy #2: Trade gold against Bitcoin (BTC) with Multi HODL
Using YouHodler’s original Multi HODL tool, users can take funds from their PAXG wallet or savings account and multiply it via BTC. As discussed previously, gold is famous for being strong and stable. While that’s great for hedging, it’s not that good for making a profit. Bitcoin on the other hand expresses big volatility in the short and medium terms. Hence, one can play with this volatility on Multi HODL and benefit from BTC price movements in either direction via our “up” and “down” buttons and customizable risk/profit button. It’s an automated, quick, and efficient way to trade gold against Bitcoin.
Strategy #3: Multiply fiat or stablecoins via PAXG/BTC
The last strategy but certainly the most unique one is multiplying your fiat or stablecoins via the PAXG/BTC pair. What this essentially does is harness the best of both “golds.” On one side, you have gold, the precious metal. Gold is strong, and reliable and always holds its value. Meanwhile, the new “digital” gold is powerful, volatile, and highly profitable given the right circumstances. By using Multi HODL in this form, you’re combining the best of both real gold and “digital gold” to create a truly interesting strategy that helps you invest fiat or stablecoins and receive more of them back using bold “golds” as a sort of tool.
So now that you are equipped with all the PAXG knowledge you need for YouHodler, head to our platform now and give it a try. Also, don't forget you can always use PAXG as collateral for a classic instant loan on YouHodler.