Sunday, 14 July 2024

Crypto News

Paxos receives nod to expand its stablecoin to Solana

Paxos receives nod to expand its stablecoin to Solana

  • Paxos has expanded to Solana, the first expansion for its USDP stablecoin to a new blockchain.
  • The regulated company will issue its stablecoin on Solana starting January 17, 2024.

Stablecoin issuer Paxos has expanded its stablecoin issuance to the Solana blockchain, marking the company’s second blockchain integration after Ethereum. 

The firm’s Pax Dollar (USDP) stablecoin is planned for mainnet integration with Solana on January 17, 2024, according to details in a blog post published on December 22.

According to Paxos, the strategic expansion to a new blockchain “represents a significant milestone” in its innovation and evolution.

“The expansion of our stablecoin platform to support Solana marks an important step towards making stablecoins ubiquitous for everyday consumers,” Paxos head of strategy Walter Hessert, said. “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.”

Paxos also issues PYUSD and PAXG

Paxos is regulated in the US by the New York Department of Financial Services (NYDFS) and in Singapore by the country’s central bank the Monetary Authority of Singapore (MAS). Paxos Trust Company was granted the BitLicense in May 2015.

In November this year, Paxos announced it had received two preliminary approvals for stablecoin issuance in Abu Dhabi.

Today’s announcement reportedly comes after NYDFS granted it a regulatory greenlight.

Other than USDP, Paxos also issues PayPal USD (PYUSD) and Pax Gold (PAXG). In June this year, the NYDFS order the stablecoin issuer to halt issuance of the Binance USD (BUSD) stablecoin. Paxos later announced it had ended its relationship with crypto exchange Binance.

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