Stablecoin issuer Paxos is expanding into the Solana (SOL) network, becoming the first multi-chain platform to be regulated across multiple jurisdictions.
In a new press release, the New York-based crypto firm says that after exclusively working with top smart contract platform Ethereum (ETH), it will now be releasing its dollar-pegged crypto asset, Pax Dollar (USDP), over the Solana blockchain.
“Paxos, the leading regulated blockchain and 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.”
Pax Dollar will be available over the Solana blockchain starting January 17th, 2024, according to The Solana Foundation.
“Paxos’ expansion to the Solana blockchain broadens the growing payments ecosystem on Solana and their USDP stablecoin is planned to be available for public use starting Jan. 17th, 2024.”
As stated by Raj Gokal, co-founder of Solana, in the press release,
“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.”
Solana is trading for $96.62 at time of writing, a 4.05% increase during the last 24 hours.
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Tags: Blockchain