PYUSD to XAUT: Swap PayPal USD for Tether Gold on Ethereum

PYUSD and XAUT share a chain and an address format, yet they track very different things. PayPal USD is a stablecoin meant to hold one US dollar. Each Tether Gold token represents one troy ounce of physical gold that Tether says it holds in Switzerland.

That makes this pair a change of exposure rather than a change of network. Someone holding dollars on-chain who wants gold-linked value, without moving off Ethereum or opening an account anywhere, can do it in one step here. It also works as a way to diversify a balance that already sits in stablecoins.

Keep the trade-off in view. PYUSD aims to stay flat against the dollar, while XAUT follows the gold price, up and down. After the swap your balance will move with gold, measured in dollars. Neither token pays interest by itself, and neither is a bank deposit.

Both sides of this swap are ERC-20 contracts on Ethereum mainnet. The payout address and the sender address can therefore be the same 0x address in MetaMask, Rabby or a Ledger. That keeps the setup simple, and the refund route points back to a wallet you already control.

What both tokens lack is the ability to pay their own fees. Sending PYUSD to the deposit costs gas in ETH, taken from the same address. Later, moving the XAUT on will cost ETH gas again. Keep a little ETH in the wallet for both steps, or the tokens sit there unable to move.

Check the network before you send. PYUSD has been issued on more than one chain, and this pair takes only the Ethereum version. The deposit confirms in about 2 to 5 minutes on Ethereum, and Etherscan shows both the deposit and the XAUT payout under your address.

One XAUT stands for a full ounce of gold. A modest PYUSD amount therefore becomes a fraction of one token, and the balance in your wallet may show several digits after the decimal point. That is normal and is not a display error.

A few wallets do not list XAUT until you add it. If the payout is confirmed on Etherscan but your wallet shows nothing, add Tether Gold as a custom token. Take its contract address from the token page on Etherscan rather than from a search result or a chat message, because copycat tokens with the same name exist.

Compare the received amount with the figure the exchange box showed after fees, not with a rounded price you saw elsewhere. Gold moves during the day, and the box uses the live market rate. If the two match, the swap did what it quoted.

Most rows are identical, and that is the point: the only thing that changes is what the token is linked to. Both depend on a central issuer keeping its reserve, and each issuer can freeze tokens held at a given address. That is a property of the tokens themselves, not of the swap. If that matters to you, weigh it before moving a large balance.

Two gold tokens trade on Ethereum, and the names get mixed up. XAUT is Tether Gold. PAXG is a different gold-backed token, from the same company that issues PYUSD. They are separate assets with separate contracts, and the exchange box lists them separately.

Pick XAUT in the "You get" field only if Tether Gold is the token you want. If you meant PAXG, use PYUSD to PAXG instead. A payout cannot be switched from one gold token to the other after the deposit confirms.

The same care applies to the deposit side. PYUSD is not USDC or USDT, even though all three are dollar tokens on Ethereum. Sending USDC to a PYUSD deposit address is a common mix-up when a wallet holds several stablecoins. If you hold USDT or USDC, use their own pairs, such as USDT ERC20 to XAUT or USDC to XAUT.

The box quotes the exact XAUT you receive after fees, from aggregated liquidity from leading crypto markets. It also shows the reference rate before fees and this pair's minimum and maximum. The rate floats until your PYUSD deposit confirms on Ethereum.

After confirmation, most swaps finish within minutes. The XAUT payout then needs its own Ethereum confirmations before your wallet shows it.

Send from a wallet you control, because the sender address is also the refund address. If a swap cannot be completed, the coins are refunded to the sender address you entered. A withdrawal straight from an exchange account comes from a shared address, and a refund sent there may not reach you. The swap ID opens a status page; if Etherscan has the deposit confirmed and nothing changes there for a long time, contact support@ghostswap.io with the swap ID and transaction hash.