Paxos Gets Approval To Extend its Stablecoin To Solana Blockchain

Paxos, a blockchain finance leader, has been trying to expand its stablecoin, the Pax Dollar (USDP), to the Solana blockchain. New York's Financial Services Department has just approved this move and it is set for January 17, 2024. Solana co-founder Raj Gokal sees this as a step towards a financially empowering future. He highlights how Solana's efficient network and low costs can help regulated financial products like Paxos grow and innovate.

Previously, Paxos only offered USDP on Ethereum. This new step to Solana is a big milestone, supporting Paxos’s growth in both business and consumer sectors. Walter Hessert, Paxos's Strategy Head, views this as crucial for making stablecoins more common for everyone. He emphasizes that Paxos leads in safety and reliability in stablecoin management. Bringing USDP to Solana makes accessing and using stablecoins easier.

In November 2023, Paxos also got preliminary approval from Singapore's Monetary Authority, allowing its Singapore branch to provide digital token services. Hessert points out that Paxos is the world's most regulated stablecoin issuer, showing its commitment to following rules. This is further proven by Paxos ending its relationship with Binance amid Binance’s legal issues.