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Home ยป The New York financial authority has approved Paxos’ expansion to Solana, enabling the company to issue its first stablecoin other than Ethereum.

The New York financial authority has approved Paxos’ expansion to Solana, enabling the company to issue its first stablecoin other than Ethereum.

The only blockchain platform that is governed by several laws and numerous blockchains is Paxos.

by Alexander
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The top regulated blockchain and tokenization infrastructure platform, Paxos, is happy to announce that it has expanded its stablecoin issuance strategically to include the Solana blockchain. This effort, which was previously limited to Ethereum, marks a critical turning point in the innovation and development of Paxos’s enterprise and consumer-facing businesses. On January 17, 2024, USDP on Solana will go public thanks to Paxos’s preparations.

The Solana blockchain is an attractive network for US dollar stablecoins and payments since it provides users with faster transaction rates and cheaper transaction costs. Paxos is reiterating its commitment to offering smooth and effective financial solutions in the rapidly changing blockchain industry by expanding its reach to Solana. Recognized for its dependability and commitment to customer security, USDP stands to gain from Solana’s high-performance architecture.

“The expansion of our stablecoin platform to support Solana marks an important step towards making stablecoins ubiquitous for everyday consumers,” said Walter Hessert, Head of Strategy at Paxos. In the stablecoin market, Paxos has established the benchmark for monitoring, reserve management, and issuance. We’re making it simpler for everyone to obtain and utilize the safest, most dependable stablecoins by integrating USDP with Solana.”

Co-founder Raj Gokal of Solana stated: “Paxos’s move to provide stablecoin issuance to the Solana blockchain will demonstrate how Solana’s low transaction fees and high-performance network can support regulated financial products and give industry leaders like Paxos additional avenues for growth and innovation. Paxos will be able to further its vision for a future that is more financially empowered and open thanks to the Solana network.”

The platform and products of Paxos Trust Company LLC are subject to regulation by the New York State Department of Financial Services (NYDFS). Paxos only develops blockchain solutions with the highest security and integrity thanks to regulatory monitoring. Paxos responsibly applies blockchain technology to create practical use cases that enhance the financial system. Like all other Paxos stablecoins, USDP has a 1:1 complete backing from the US dollar. You may find the USDP smart contract on Solana HERE.

Concerning Paxos

The top regulated blockchain tokenization and infrastructure platform is Paxos. Its goods serve as the cornerstone of a new, transparent financial system that can function more quickly and effectively. Trillions of dollars are currently trapped in antiquated, ineffective financial infrastructure that millions of people cannot access. In order to facilitate the instantaneous and reliable movement of assets anywhere in the world at any time, Paxos is replatforming the financial system.

Leading international businesses collaborate with Paxos to tokenize, custody, trade, and settle assets. Organizations including PayPal, Interactive Brokers, Mastercard, Mercado Libre, Nubank, Bank of America, and Societe Generale employ its blockchain technologies. Several regulated digital assets, such as PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG), are issued by it.

Paxos is a well-funded fintech startup that has attracted over $540 million from renowned investors, including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital, and PayPal Ventures. It is prudently regulated by the NYDFS in the US and the MAS in Singapore. Paxos, which has headquarters in Singapore, London, and New York, modernizes the financial system globally.

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