Stablecoin issuer Paxos has announced its expansion to the Solana blockchain, with the planned integration of its Pax Dollar (USDP) stablecoin on January 17, 2024. This move marks Paxos’ second blockchain integration, following its presence on Ethereum.

Paxos sees this expansion to a new blockchain as a significant milestone in its journey of innovation and evolution. According to Walter Hessert, Paxos’ head of strategy, “The expansion of our stablecoin platform to support Solana marks an important step towards making stablecoins ubiquitous for everyday consumers.”

In addition to the USDP stablecoin, Paxos also issues PayPal USD (PYUSD) and Pax Gold (PAXG) and is regulated by the New York Department of Financial Services (NYDFS) and Singapore’s central bank, the Monetary Authority of Singapore (MAS). The stablecoin issuer had made previous announcements about receiving preliminary approvals for stablecoin issuance in Abu Dhabi, and it has been granted regulatory approval by NYDFS.

Furthermore, Paxos had to cease the issuance of the Binance USD (BUSD) stablecoin in June this year, following an order from the NYDFS. The company later terminated its relationship with the crypto exchange Binance.

FAQs

What is a stablecoin?

A stablecoin is a type of cryptocurrency that is designed to have a stable value, often pegged to a fiat currency such as the US dollar.

What is Solana?

Solana is a high-performance blockchain platform known for its fast transaction speeds and low costs.

Summary

Paxos, a regulated stablecoin issuer, has announced the expansion of its Pax Dollar (USDP) stablecoin to the Solana blockchain. This move is seen as a significant step towards making stablecoins more accessible to everyday consumers. The company also issues other stablecoins such as PayPal USD (PYUSD) and Pax Gold (PAXG), and it is regulated by the New York Department of Financial Services (NYDFS) and Singapore’s central bank, the Monetary Authority of Singapore (MAS).