Paxos CEO, Chad Cascarilla opened up that the firm will launch new digital token backed by precious metal, plausibly gold, in an interview with Fortune’s Balancing the Ledger on March 11.

“It is something we will see definitely this year” Cascarilla said, “We are excited about the concept of being able to take a commodity, and I think precious metals are really obvious ones, and gold is probably the most obvious and being able to tokenize it”.

In order to bring the concept to life, Paxos has to ensure that it will be the same amount of inventory in the “real world” as are registered on the blockchain. “In order to put something in a blockchain, you have to make sure you have the right amount of inventory in the real world versus what is in the blockchain. How you do with a gold token is how much gold do you have in a vault equals how many gold tokens outstanding.” Paxos CEO explained. However, the company still has not decide the launching day yet.

Last September, Paxos announced the launch of Paxos Standard (PAX), a fully USD-  Ethereum (ETH)-based stablecoin, also approved and regulated by Department of Financial Services (NYDFS).

Founded in 2012 as bitcoin exchange itBit, the company later rebranded to Paxos and pivoted into a business focused on providing services as a bank, also take custody of mainstream financial assets. Last May, the company raised $65 million from investors to boost its operations.

Last December, PAX reached $5,245,958,124.65 for transaction volumes, with a market cap of over $174 million and redeemed over $136 million.