Paxos Expands: USDP Launches on Solana Blockchain

Paxos, a stablecoin issuer based in New York, is expanding its operations into the Solana (SOL) network, marking a pioneering move as the first multi-chain platform to operate under regulation across various jurisdictions.

According to a recent press release, Paxos, which had been exclusively tied to Ethereum (ETH), is set to introduce its dollar-pegged cryptocurrency, Pax Dollar (USDP), on the Solana blockchain.

The company expressed excitement about this strategic expansion, considering it a substantial step forward for both its enterprise and consumer-focused endeavors. This shift, scheduled to commence on January 17th, 2024, is confirmed by The Solana Foundation.

Raj Gokal, Solana’s co-founder, emphasized in the release that Paxos’s move signifies the Solana network’s capability to support regulated financial products, showcasing its high-performance network and minimal transaction fees to empower leaders like Paxos in scaling and innovating toward a more accessible financial future.

Paxos’s venture into the Solana network underscores its commitment to innovation and signals broader accessibility to stablecoin offerings within the expanding Solana ecosystem.

By leveraging Solana’s robust infrastructure, Paxos aims to pioneer new avenues for secure and regulated financial products, setting a precedent for collaboration and growth across diverse blockchain networks.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.