Paxos Stablecoin Issuance with Solana Blockchain

Paxos,
a regulated blockchain and tokenization infrastructure platform, has announced
a strategic move to broaden its stablecoin issuance to the Solana blockchain
platform. Previously exclusive to Ethereum, this expansion marks a milestone
for Paxos’s enterprise and consumer-focused operations.

The
introduction of USDP on Solana, scheduled for January 17, 2024, aligns with
Paxos’s commitment to delivering seamless and efficient financial solutions in
the dynamic blockchain landscape.

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.”

Solana’s
high-speed transaction capabilities and lower fees make it an attractive
platform for US dollar stablecoins and payments. Paxos aims to leverage
Solana’s performance architecture to enhance the reliability and customer
security of USDP, reinforcing its position as a key player in the evolving
blockchain industry.

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.”

1/🏛️Breaking News: Paxos Expands to Solana@Paxos, the leading regulated blockchain & tokenization infrastructure platform, will benefit from the high-performance architecture of Solana & plans to offer the USDP stablecoin to the public mid-Jan. 2024.https://t.co/PkFUByXcXb🧵 pic.twitter.com/NPKMR7EtL8

— Solana (@solana) December 22, 2023

Global
Expansion for Stablecoin Operations

Earlier,
Finance Magnates reported that Paxos
secured in-principle approvals from the Abu Dhabi Global Market’s Financial
Services Regulatory Authority. This milestone allows Paxos to issue USD and
other currency-backed stablecoins and offer crypto-brokerage and custody
services through regulated ADGM entities. Pending full approval, Paxos plans to
expand the global reach of its regulated USD-backed stablecoins, emphasizing
regulatory compliance, transparency, and adherence to AML and KYC standards.

This
achievement adds to Paxos’ regulatory approvals from New York, Singapore, and
ADGM, reinforcing its commitment to international growth through regulated
frameworks. Paxos aims to leverage blockchain for a more open and secure global
financial system, providing increased access and freedom.

Additionally,
Paxos recently secured in-principle approval from the Monetary Authority of Singapore
(MAS), enabling the expansion of its digital asset services in Asian
markets.

Paxos,
a regulated blockchain and tokenization infrastructure platform, has announced
a strategic move to broaden its stablecoin issuance to the Solana blockchain
platform. Previously exclusive to Ethereum, this expansion marks a milestone
for Paxos’s enterprise and consumer-focused operations.

The
introduction of USDP on Solana, scheduled for January 17, 2024, aligns with
Paxos’s commitment to delivering seamless and efficient financial solutions in
the dynamic blockchain landscape.

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.”

Solana’s
high-speed transaction capabilities and lower fees make it an attractive
platform for US dollar stablecoins and payments. Paxos aims to leverage
Solana’s performance architecture to enhance the reliability and customer
security of USDP, reinforcing its position as a key player in the evolving
blockchain industry.

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.”

1/🏛️Breaking News: Paxos Expands to Solana@Paxos, the leading regulated blockchain & tokenization infrastructure platform, will benefit from the high-performance architecture of Solana & plans to offer the USDP stablecoin to the public mid-Jan. 2024.https://t.co/PkFUByXcXb🧵 pic.twitter.com/NPKMR7EtL8

— Solana (@solana) December 22, 2023

Global
Expansion for Stablecoin Operations

Earlier,
Finance Magnates reported that Paxos
secured in-principle approvals from the Abu Dhabi Global Market’s Financial
Services Regulatory Authority. This milestone allows Paxos to issue USD and
other currency-backed stablecoins and offer crypto-brokerage and custody
services through regulated ADGM entities. Pending full approval, Paxos plans to
expand the global reach of its regulated USD-backed stablecoins, emphasizing
regulatory compliance, transparency, and adherence to AML and KYC standards.

This
achievement adds to Paxos’ regulatory approvals from New York, Singapore, and
ADGM, reinforcing its commitment to international growth through regulated
frameworks. Paxos aims to leverage blockchain for a more open and secure global
financial system, providing increased access and freedom.

Additionally,
Paxos recently secured in-principle approval from the Monetary Authority of Singapore
(MAS), enabling the expansion of its digital asset services in Asian
markets.