In a significant development for the stablecoin industry, Paxos, one of the largest stablecoin issuers, has received regulatory approval to extend its product offering to the Solana (SOL) blockchain.
The expansion, scheduled to launch on January 17, 2024, follows a directive from the financial regulator ordering Paxos to halt the minting of Binance’s BUSD tokens earlier this year due to “several issues.”
New York’s DFS Grants Paxos First Trust Charter
Paxos has established itself as the world’s most regulated stablecoin issuer, with a track record of issuing regulated stablecoins at scale.
According to a Fortune Magazine report, the company obtained the first trust charter granted to a crypto firm under the digital asset regulatory framework implemented by the New York Department of Financial Services (NYDFS) in 2015.
Notably, the NYDFS remains the sole US financial regulator to have established a comprehensive regulatory framework for cryptocurrencies, attracting industr
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