Paxos USDP Stablecoin Is Now Supported On Solana

Key Points:

• Paxos, a key blockchain platform, expands its stablecoin business to Solana, releasing USDP on January 17, 2024.
• The company aims to compete with major stablecoin issuers, utilizing Solana’s efficiency for lower fees with Paxos USDP stablecoin.

Paxos, a prominent regulated blockchain and tokenized infrastructure platform, is set to broaden its stablecoin issuance operations beyond Ethereum, announcing its expansion to the Solana blockchain.

Read more: What is PAX Gold (PAXG) and How Does it Work?

Paxos USDP Stablecoin to Debut Beyond Ethereum

On January 17, 2024, Paxos will launch its stablecoin, USDP, on Solana, marking a significant milestone for the company, as it is the first time it has been permitted to extend its operations outside of Ethereum under the supervision of US financial regulators.

This move positions Paxos to compete for market share with leading stablecoin issuers such as Circle (USDC) and Tether (USDT). The expansion to Solana aligns with the legal framework of the New York Department of Financial Services (NYDFS), signifying a strategic push beyond the Ethereum blockchain.

Solana’s appeal lies in its rapid transaction rates and lower fees, making it an attractive platform for US dollar stablecoins and payments. By embracing Solana, Paxos demonstrates its commitment to offering efficient financial solutions in the dynamic blockchain landscape. Paxos USDP stablecoin, known for its reliability and customer security, stands to benefit from Solana’s high-performance architecture.

Paxos had previously obtained approval from NYDFS to extend Paxos USDP stablecoin to the Solana blockchain. Notably, Paxos, authorized by NYDFS in 2015, was the first cryptocurrency company permitted to provide digital asset management services.

In 2018, the regulatory approval paved the way for Paxos to issue its inaugural stablecoin, initially named Paxos Standard (PAX) and later rebranded as Pax Dollar (USDP). This expansion underscores Paxos’ commitment to innovation and adaptability in the evolving blockchain space.