The New York-based stablecoin issuer – Paxos – announced a strategic expansion of its stablecoin issuance to the Solana blockchain platform, which was previously exclusive to Ethereum. Paxos said it plans to make USDP available to the public on Solana starting January 17, 2024.
This move marks a significant milestone for Paxos in the competitive stablecoin landscape, where rivals such as Circle and Tether are also racing for market dominance.
Paxos’ Solana Expansion
Paxos obtained approval from the New York Department of Financial Services (DFS) to expand USDP from Ethereum to Solana following a thorough examination. However, the company has not disclosed the duration of the review process.
In an official statement, Walter Hessert, Paxo’s 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
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