Anyone who owns PAXG has ownership rights to that gold under the custody of Paxos Trust Company.

Source: https://www.dailypolitical.com/2023/01/28/pax-gold-reaches-self-reported-market-capitalization-of-519-16-million-paxg.html

BinanceUSD, or BUSD, is a stablecoin operated by New York-based Paxos Trust Co. under Binance’s branding, leading the SEC to include the token in its lawsuit.

Source: https://www.insurancejournal.com/news/national/2023/06/13/725069.htm

In February, the agency ordered the stablecoin issuer Paxos to stop minting its Binance-branded BUSD, and in March it alleging it is operating without the above-mentioned Bitlicense in the state.

Source: https://247wallst.com/investing/2023/04/18/nydfs-adopts-new-supervisory-fees-rule-for-crypto-companies-with-bitlicense/

Paxos is the "official" creator of BUSD, which is a token backed by dollars and issued on the Ethereum () blockchain.

Source: https://seekingalpha.com/article/4578199-sec-delivers-blow-to-binance-great-for-coinbase?source=feed_all_articles

The decision has a significant impact on embattled stablecoin issuer Paxos, as Maker’s treasury holds roughly half of USDP’s $1 billion supply.

Source: https://biztoc.com/x/df84d905c7da8257?ref=ff