Paxos Expands to Solana Blockchain as Multi-Chain Stablecoin Issuer
Stablecoin issuer Paxos is venturing into the Solana network, becoming the first multi-chain platform to be regulated in multiple jurisdictions. Previously exclusive to Ethereum, Paxos will now release its dollar-pegged crypto asset, Pax Dollar (USDP), on the Solana blockchain. The move marks a significant milestone for Paxos and its enterprise and consumer-facing businesses.
Pax Dollar to Launch on Solana
Pax Dollar will be available on the Solana blockchain starting January 17th, 2024. The expansion to Solana broadens the payments ecosystem on the network, showcasing how Solana’s high-performance network and low transaction fees can support regulated financial products. It also provides Paxos with new opportunities for scaling and innovation.
Positive Outlook for Solana
Raj Gokal, co-founder of Solana, expressed excitement about Paxos bringing stablecoin issuance to the Solana blockchain. He believes this partnership will demonstrate how Solana’s network can empower leaders like Paxos and contribute to a more open and financially empowering future. At present, Solana is trading at $96.62 with a 4.05% increase in the last 24 hours.
Hot Take: Paxos Expands Reach with Solana Integration
Paxos’ decision to expand its stablecoin issuance to the Solana blockchain signifies a significant step forward for both companies. By leveraging Solana’s high-performance network and low transaction fees, Paxos can provide a seamless and efficient experience for users of its dollar-pegged crypto asset, Pax Dollar (USDP). This collaboration showcases the potential of blockchain technology in revolutionizing financial services and promoting wider adoption of stablecoins.
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