- Leading blockchain platform Paxos extends stablecoin issuance to Solana.
- USDP to be offered on Solana for faster transactions.
- Paxos, regulated in multiple jurisdictions, reinforces stablecoin security.
Paxos, a leading force in the regulated blockchain and tokenization infrastructure realm, has made a strategic move by extending its stablecoin issuance beyond the Ethereum blockchain to include Solana. This groundbreaking expansion marks a pivotal moment for Paxos, distinguished as the only regulated blockchain platform across multiple jurisdictions.
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The initiative seeks to introduce USDP on Solana, slated for public availability on January 17, 2024. By capitalizing on Solana’s high-speed transaction capabilities and lower fees, Paxos aims to make its stablecoin solutions even more accessible. USDP, renowned for its reliability and security, is anticipated to thrive within Solana’s high-performance architecture.
Walter Hessert, Paxos Head of Strategy, emphasized the significance of this expansion: “By integrating USDP with Solana, we’re simplifying the process for anyone to acquire and utilize the safest, most reliable stablecoins.”
Co-Founder of Solana, Raj Gokal, commended Paxos’s decision, highlighting how it underscores Solana’s capacity to support regulated financial products with its high-performance network and minimal transaction fees. This strategic alignment between Paxos and Solana is seen as a crucial step toward creating a more open and empowering financial landscape.
Ensuring regulatory compliance, Paxos Trust Company LLC’s products and platforms fall under the oversight of the New York State Department of Financial Services (NYDFS). This commitment to regulatory standards reinforces Paxos’s dedication to security and integrity. The USDP stablecoin, like all Paxos stablecoins, maintains a 1:1 backing by the U.S. dollar.
The integration of USDP with Solana aligns seamlessly with Paxos’s vision of making stablecoins an everyday financial tool, placing emphasis on reliability, security, and financial accessibility.
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