Paxos Gains Approval for Stablecoin Expansion to Solana Blockchain


Stablecoin issuer Paxos has expanded its stablecoin issuance to the Solana blockchain, according to a blog post published on December 22. USDP, the company’s stablecoin, is planned to be integrated with Solana’s mainnet on January 17, 2024.

Paxos head of strategy Walter Hessert said that the expansion is a significant milestone in the firm’s innovation and evolution and that it “represents a significant milestone” in its innovation and evolution.

“By integrating USDP with Solana, we’re making it easier for anyone to get and use the safest, most reliable stablecoins,” Hessert said.

Paxos is a regulated company that is approved by the New York Department of Financial Services (NYDFS) and the Monetary Authority of Singapore (MAS). In addition to USDP, it also issues PayPal USD (PYUSD) and Pax Gold (PAXG). 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. Paxos also ended its relationship with crypto exchange Binance in June this year, after NYDFS ordered it to halt issuance of the Binance USD (BUSD) stablecoin.

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