TechFlow News — Stablecoin issuer Paxos has received regulatory approval to expand its product onto the Solana blockchain, with plans to launch on January 17, 2024. This marks the first time the regulator has permitted Paxos to issue stablecoins beyond Ethereum.
Walter Hessert, Head of Strategy at Paxos, commented: "Expanding our stablecoin platform to support Solana represents a significant step toward mainstream consumer adoption of stablecoins. 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 than ever for anyone to access and use the most secure and reliable stablecoin."
Raj Gokal, co-founder of Solana, added: "Paxos' decision to bring stablecoin issuance to the Solana blockchain demonstrates how Solana’s high-performance network and low transaction fees can support regulated financial products, opening new avenues for leaders like Paxos to scale. The Solana network will empower Paxos to further realize its vision of a more open and financially empowering future."
