Paxos, a regulated blockchain and tokenization infrastructure platform, has announced a strategic move to broaden its stablecoin issuance to the Solana blockchain platform. Previously exclusive to Ethereum, this expansion marks a milestone for Paxos's enterprise and consumer-focused operations.
Paxos Sets Date for Public Launch of USDP on Solana
The introduction of USDP on Solana, scheduled for January 17, 2024, aligns with Paxos's commitment to delivering seamless and efficient financial solutions in the dynamic blockchain landscape.
Walter Hessert, the Head of Strategy at Paxos, commented: “The expansion of our stablecoin platform to support Solana marks an important step towards making stablecoins ubiquitous for everyday consumers. Paxos has set the standard for oversight, reserve management and issuance in the stablecoin market. By integrating USDP with Solana, we’re making it easier for anyone to get and use the safest, most reliable stablecoins.”
Solana's high-speed transaction capabilities and lower fees make it an attractive platform for US dollar stablecoins and payments. Paxos aims to leverage Solana's performance architecture to enhance the reliability and customer security of USDP, reinforcing its position as a key player in the evolving blockchain industry.
Raj Gokal, the Co-Founder of Solana, commented: “Paxos’s decision to bring stablecoin issuance to the Solana blockchain will showcase how Solana’s high-performance network and low transaction fees can support regulated financial products and provide leaders like Paxos new ways to scale and innovate. The Solana network will enable Paxos to further its vision for a more open and financially empowering future.”
1/????️Breaking News: Paxos Expands to Solana@Paxos, the leading regulated blockchain & tokenization infrastructure platform, will benefit from the high-performance architecture of Solana & plans to offer the USDP stablecoin to the public mid-Jan. 2024.https://t.co/PkFUByXcXb???? pic.twitter.com/NPKMR7EtL8
— Solana (@solana) December 22, 2023
Global Expansion for Stablecoin Operations
Earlier,Finance Magnates reported that Paxos secured in-principle approval from the Abu Dhabi Global Market's Financial Services Regulatory Authority. This milestone allows Paxos to issue USD and other currency-backed stablecoins and offer crypto-brokerage and custody services through regulated ADGM entities. Pending full approval, Paxos plans to expand the global reach of its regulated USD-backed stablecoins, emphasizing regulatory compliance, transparency, and adherence to AML and KYC standards.
This achievement adds to Paxos' regulatory approval from New York, Singapore, and ADGM, reinforcing its commitment to international growth through regulated frameworks. Paxos aims to leverage blockchain for a more open and secure global financial system, providing increased access and freedom.
Additionally, Paxos recently secured in-principle approval from the Monetary Authority of Singapore, enabling the expansion of its digital asset services in Asian markets.
This article was written by Tareq Sikder at www.financemagnates.com.
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