Paxos, a regulated blockchain and tokenization infrastructure platform, has unveiled a strategic initiative to expand its stablecoin issuance onto the Solana blockchain platform.
This significant move, previously confined to the Ethereum ecosystem, signifies a milestone for Paxos, encompassing both enterprise and consumer-oriented operations.
Scheduled for January 17, 2024, the launch of USDP on Solana aligns seamlessly with Paxos’s commitment to delivering streamlined and efficient financial solutions within the dynamic blockchain sphere.
Walter Hessert, Paxos Head of Strategy, expressed his perspective, saying, “The extension of our stablecoin platform to accommodate Solana represents a crucial stride towards making stablecoins an integral part of everyday consumer transactions.
Paxos has set the benchmark for oversight, reserve management, and issuance in the stablecoin realm.
By seamlessly integrating USDP with Solana, we are simplifying access to and utilization of the safest and most dependable stablecoins.”
Solana’s standout features, including high-speed transaction capabilities and lower fees, make it an alluring choice for US dollar stablecoins and payments.
Paxos intends to harness Solana’s performance-driven architecture to bolster the reliability and customer security of USDP, further solidifying its standing as a pivotal player in the continually evolving blockchain industry.
Raj Gokal, Co-Founder of Solana, remarked, “Paxos’s decision to bring stablecoin issuance to the Solana blockchain will serve as a testament to how Solana’s high-performance network and cost-effective transactions can support regulated financial products.
This move provides leaders like Paxos with novel avenues to scale and innovate.
The Solana network will enable Paxos to advance its vision for a more open and financially empowering future.”
Previously, Paxos secured in-principle approvals from the Abu Dhabi Global Market’s Financial Services Regulatory Authority.
This momentous achievement enables Paxos to issue USD and other currency-backed stablecoins and provide crypto-brokerage and custody services through regulated ADGM entities.
Subject to full approval, Paxos has ambitious plans to expand the global reach of its regulated USD-backed stablecoins, placing substantial emphasis on regulatory compliance, transparency, and adherence to AML and KYC standards.
This accomplishment joins Paxos’ impressive list of regulatory approvals from New York, Singapore, and ADGM, reinforcing its unwavering dedication to international expansion within the framework of rigorous regulations.
Paxos is committed to harnessing blockchain technology to create a more open and secure global financial system, ultimately fostering greater access and financial freedom for all.
Furthermore, Paxos recently secured in-principle approval from the Monetary Authority of Singapore (MAS), further facilitating the expansion of its digital asset services within Asian markets.