Paxos, the regulated blockchain & tokenization infrastructure platform, is pleased to announce a strategic expansion of its stablecoin issuance to the Solana blockchain platform.
Previously exclusive to Ethereum, this initiative represents “a significant milestone for the innovation and evolution of Paxos’s enterprise and consumer-facing businesses.”
Paxos plans to offer USDP “on Solana to the public on January 17, 2024.”
The Solana blockchain offers users rapid transaction rates and lower transaction fees, which makes it “a compelling network for US dollar stablecoins and payments.”
By broadening its reach to Solana, Paxos is reaffirming its commitment “to providing seamless and efficient financial solutions in the constantly-evolving blockchain space. USDP is known for its reliability and customer security and it will benefit from the high-performance architecture of Solana.”
Walter Hessert, Paxos Head of Strategy, commented:
“The expansion of our stablecoin platform to support Solana marks an important step towards making stablecoins ubiquitous for everyday consumers. Paxos has set the standard for oversight, reserve management and issuance in the stablecoin market. By integrating USDP with Solana, we’re making it easier for anyone to get and use the safest, most reliable stablecoins.”
Raj Gokal, Co-Founder of Solana, commented:
“Paxos’s decision to bring stablecoin issuance to the Solana blockchain will showcase how Solana’s high-performance network and low transaction fees can support regulated financial products and provide leaders like Paxos new ways to scale and innovate. The Solana network will enable Paxos to further its vision for a more open and financially empowering future.”
Paxos Trust Company LLC products and platform are “regulated by the New York State Department of Financial Services (NYDFS).”
Regulatory oversight ensures that Paxos only “builds solutions on blockchain protocols with the greatest security and integrity. Paxos utilizes blockchain technology in responsible ways to develop real-world use cases to improve the financial system. USDP, like all Paxos stablecoins, is fully backed 1:1 by the U.S. dollar.”
As covered, Paxos claims that it is “the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently.”
Today, trillions of dollars are locked “in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.”
Paxos partners with global enterprises “to tokenize, custody, trade and settle assets. Its blockchain solutions are used by institutions like PayPal, Interactive Brokers, Mastercard, Mercado Libre, Nubank, Bank of America and Societe Generale. It is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG).”
Prudentially regulated by the NYDFS in the US and the MAS in Singapore, Paxos is a top-funded fintech company “with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.”