Paxos Expands to Solana, Plans USDP Stablecoin Launch in January 2024
Paxos is set to launch its USDP stablecoin on the Solana blockchain in January 2024, a move approved by NYDFS that will enhance stablecoin accessibility and align with Solana's growing role in scalable payment infrastructure.
- Author: Sheldon Cooper
- Published: December 22, 2023 at 12:00
- Updated: December 22, 2023 at 20:35
Paxos, a leader in regulated blockchain infrastructure, is set to expand its operations to the Solana blockchain, aiming to launch the USDP stablecoin to the public by mid-January 2024.
This expansion leverages Solana's high-performance features, such as rapid transaction speeds and low fees. Approved by the New York Department of Financial Services (NYDFS), it represents a significant shift from Paxos Ethereum-exclusive operations.
The introduction of USDP, a USD-backed stablecoin, on Solana, marks Paxos's commitment to enhancing stablecoin accessibility. The company, regulated by NYDFS and known for its strict compliance standards, views this expansion as crucial in making stablecoins more mainstream.
With this strategic move to Solana, Paxos expansion to the Solana blockchain broadens the growing payments ecosystem on Solana. A few months ago, VISA also started a pilot program to use Solana for fast payment processing. This move by Paxos proves that institutions are taking note of Solana's capability of providing payment infrastructure at scale.