Paxos Expands Stablecoin Issuance to Solana Blockchain

Paxos, the premier NYDFS-regulated blockchain infrastructure platform, announced its strategic expansion of stablecoin issuance to the Solana blockchain platform by offering USDP on Solana to the public on January 17, 2024, marking a noteworthy achievement for the innovation and evolution of Paxos' enterprise and consumer-facing businesses, as it was previously limited to Ethereum.

According to the announcement, Paxos is expanding its stablecoin issuance to the Solana blockchain platform, a network known for its fast transaction rates and lower fees. This move reflects Paxos' dedication to delivering efficient financial solutions in the ever-changing blockchain industry. By offering USDP on Solana, Paxos aims to provide customers with a reliable and secure stablecoin that benefits from Solana's high-performance architecture.

Walter Hessert, Head of Strategy at Paxos, 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, said: "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."

In addition, as a part of its global expansion strategy, Paxos has obtained in-principle approval successively in Singapore​ and Abu Dhabi last month, allowing to issue registered stablecoins in those regions.