Solana Network unveils Token Extensions

Solana is the first network to offer this level of integrated developer and user experience in a single token program on a public network
PRNewswireJanuary 25, 20244 min

The Solana Foundation, a non-profit organization dedicated to the Solana network’s decentralization, adoption, and security, announced the launch of token extensions ‚Äď the next generation of the SPL Token standard that represents a significant leap forward in what is possible to build on blockchain.

Token extensions are a comprehensive suite of turnkey solutions tailored to meet the needs of businesses moving onchain ‚Äď arming developers, enterprises, financial institutions, and¬†Solana-native development teams with ready-to-use advanced token functionality. Token extensions provide businesses with many of the same security and compliance controls as permissioned blockchain environments, with massively reduced engineering time, all while operating on one of the world’s most popular public blockchains. These solutions represent another major advancement in developer tools on the¬†Solana¬†network contributing to the growth and health of the ecosystem and overall developer experience.

“Token extensions build on the characteristics that make¬†Solana¬†the ideal destination for developers,” said¬†Anatoly Yakovenko, co-founder of¬†Solana¬†and CEO of¬†Solana¬†Labs. “Solana¬†is the first network to offer this level of integrated developer and user experience in a single token program. We’re already seeing the potential to build using token extensions via deployments from some of the most recognizable names in¬†crypto.”

At the forefront of this launch are recognizable industry leaders like Paxos and Trust Company Inc. (GMO Trust) ‚Äď companies that are leveraging the benefits of token extensions to issue stablecoins on the¬†Solana¬†blockchain. Paxos, a leading regulated blockchain and tokenization infrastructure platform, recently¬†expanded its¬†stablecoin¬†issuance¬†to¬†Solana¬†on¬†December 22. Additionally, GMO Trust announced the first regulated Japanese yen¬†stablecoin¬†as well as their own U.S. dollar¬†stablecoin¬†on the¬†Solana¬†network. Token extensions provided the tools and optionality needed for companies like Paxos and GMO Trust to be at the forefront of innovation, while also remaining compliant.

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