Paxos to Launch Solana-Based Stablecoin: A Milestone in Crypto Regulation and Innovation

Explore the innovative partnership between Paxos and Solana as they gear up to launch the USDP stablecoin on the Solana blockchain.

Understand how this collaboration sets new standards in the stablecoin market and paves the way for a more accessible and efficient digital currency ecosystem.

Paxos Announces Plans to Launch "USDP on Solana" in January 2024

Paxos, a prominent stablecoin issuer, announced on December 22, 2023, its plans to expand its stablecoin issuance platform to the Solana (SOL) blockchain.

Known for issuing multiple stablecoins, Paxos has a portfolio that includes the US dollar-pegged ‘USDP,’ the gold-linked ‘PAXG,’ and ‘PYUSD,’ a PayPal-branded US dollar stablecoin.

Previously, the company issued stablecoins on the Ethereum blockchain. However, it has now reported obtaining permission from the New York State Department of Financial Services to issue stablecoins on the Solana blockchain.

Paxos plans to publicly launch "USDP based on the Solana blockchain" on January 17, 2024.

It is highlighted that "Solana offers a fast and cost-effective transaction environment, making it an attractive network for US dollar stablecoins and payments."

Insights from Paxos and Solana on Expanding Support to the Solana Blockchain

Walter Hessert, Chief Strategy Officer of Paxos, and Raj Gokal, Co-Founder of Solana, commented on the expansion of support to the Solana blockchain as follows:

【Paxos: Walter Hessert】
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.

【Solana: Raj Gokal】
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.

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