Paxos, a regulated blockchain and tokenization infrastructure platform, announced a strategic move to expand its stablecoin issuance to the Solana blockchain platform.。This expansion is a milestone for Paxos enterprise and consumer businesses。

Paxos Announces USDP Release Day

Solana's USDP is scheduled to launch on January 17, 2024, in line with Paxos's commitment to providing seamless and efficient financial solutions in the dynamic blockchain space.。

Walter Hessert, head of strategy at Paxos, commented: "The expansion of our stablecoin platform to support Solana marks an important step towards making stablecoins accessible to ordinary consumers.。Paxos sets standards for supervision, reserve management and issuance of stablecoin markets。By integrating USDP with Solana, we make it easier for anyone to get and use the most secure and reliable stablecoins。"

Solana's high-speed trading capabilities and low fees make it an attractive USD stablecoin and payment platform.。Paxos aims to leverage Solana's performance architecture to improve USDP's reliability and customer security, solidifying its important position in the growing blockchain industry。

Solana co-founder Raj Gokal said: "Paxos' decision to issue stablecoins on the Solana blockchain will demonstrate how Solana's high-performance network and low transaction fees can support regulated financial products and provide new ways for leading companies like Paxos to scale and innovate.。The Solana network will enable Paxos to further its vision of a more open and financially empowered future.。

Global expansion of stablecoin business

Earlier it was reported that Paxos received approval in principle from the Abu Dhabi Global Markets Financial Services Regulatory Authority to allow Paxos to issue stablecoins backed by US dollars and other currencies, and to provide cryptocurrency brokerage and custody services through regulated Abu Dhabi Global Markets entities.。Paxos plans to expand the global reach of its regulated dollar-backed stablecoins, emphasizing regulatory compliance, transparency and compliance with anti-money laundering and KYC standards.。

Paxos has received regulatory approvals from New York, Singapore and ADGM, an achievement that further strengthens its commitment to international growth through a regulatory framework.。Paxos aims to use blockchain to build a more open and secure global financial system, providing more access and freedom.。

In addition, Paxos recently received in-principle approval from the Monetary Authority of Singapore (MAS) to enable its digital asset services to expand in Asian markets.。