Centralized platforms routinely trap precious metal allocators behind invasive KYC verifications and zero-holding-period blockades, making dynamic portfolio rebalancing or arbitrage mathematically impossible. When deciding between Pax Gold (PAXG) and Tether Gold (XAUt) in 2026, your core mandate is diagnosing the custody risks, regulatory protections, and liquidity depths that divide them. The Quick Verdict: Choose PAXG if your corporate structure demands strict U.S. regulatory compliance (NYDFS) and monthly KPMG audits. Choose XAUt if you operate internationally…