Leading stablecoin issuer Paxos has received approval from New York regulators to expand to Solana. The company made a major announcement regarding its growth trajectory, promising to launch a US dollar-backed stablecoin USDP on a fast, low-fee blockchain.
Paxos, a major player in the stablecoin market, has received approval from the New York Department of Treasury to expand its horizons to the Solana blockchain. This move represents a significant departure from the pure Ethereum operations offered.
In a statement released Friday and first reported by Fortune, Paxos called the approval a major step forward in its commitment to innovation and growth in both enterprise and consumer services.
On January 17, Paxos is set to launch USDP, a stablecoin pegged to the US dollar, on the Solana blockchain. Solana stands out with its fast transaction speeds and affordable transaction fees, a feature highlighted in Paxos’ announcement.
“Bringing our stablecoin platform to Solana is a crucial step in making stablecoins more accessible for everyday use.”
Hessert also added that Paxos is a leader in stablecoin security, management and minting. The USDP and Solana integration aims to make it easier for users to obtain and use safe and reliable stablecoins.
