Paxos, the leading regulated blockchain & 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. Paxos plans to offer USDP on Solana to the public on January 17, 2024.
The Solana blockchain offers users rapid transaction rates and lower transaction fees, which makes it a compelling network for US dollar stablecoins and payments. By broadening its reach to Solana, Paxos is reaffirming its commitment to providing seamless and efficient financial solutions in the constantly-evolving blockchain space. USDP is known for its reliability and customer security and it will benefit from the high-performance architecture of Solana.
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.”
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.”
Paxos Trust Company LLC products and platform are regulated by the New York State Department of Financial Services (NYDFS). Regulatory oversight ensures that Paxos only builds solutions on blockchain protocols with the greatest security and integrity. Paxos utilizes blockchain technology in responsible ways to develop real-world use cases to improve the financial system. USDP, like all Paxos stablecoins, is fully backed 1:1 by the U.S. dollar. The smart contract for USDP on Solana can be found HERE.
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