Oracle-Anchored Real-World Assets in Practice
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A Full Lifecycle Case Study of the PAXG/USDC Pool on Stabull By Jamie McCormick, Co-CMO, Stabull Labs The first article in the 15 part “Deconstructing DeFi” Series. ⸻ Tokenised gold presented a particularly demanding test. Gold is not a synthetic asset. Its price is discovered globally, across deeply liquid off-chain markets, and responds to macroeconomic forces rather than crypto-native narratives. If on-chain execution for gold were to emerge, it would do so only once infrastructure, pricing, and liquidity were all in place. This case study traces the full lifecycle of the PAXG/USDC pool on Stabull, from its creation by the Stabull team in December 2024 through to the execution behaviour observed as gold breached $5,000 per ounce in January 2026. ⸻ Asset Context: Tokenized Gold on-Chain PAXG is a tokenised representation of physical gold issued by Paxos Trust Company. Each PAXG token corresponds to one fine troy ounce of LBMA-accredited gold, held in London vaults, with custody, storage, and insurance handled at the issuer level. Paxos publishes regular attestations and bar-level allocation data. USDC serves as the settlement leg: a fiat-backed stablecoin designed to function as on-chain cash. Together, PAXG and USDC form a hybrid real-world-asset / stablecoin execution venue. One leg is volatile, macro-driven, and externally priced; the other provides dollar-denominated liquidity and settlement. This makes the pool structurally distinct from FX stablecoin pairs, while still allowing execution quality to be assessed clearly through oracle-anchored pricing. ⸻ Pool Creation and Early Seeding The PAXG/USDC pool was created by the Stabull team on 9 December 2024, as confirmed by on-chain deployment and initial liquidity transactions visible on PolygonScan. Initial activity consisted of small, deliberate liquidity deposits rather than execution. No swaps, fee transfers, or routing behaviour were present at launch. This aligns with the pool’s role at that stage: infrastructure…
Filed under: News - @ February 12, 2026 9:25 pm