🚀 Paxos, a New York-based stablecoin provider, announced the expansion of its stablecoin issuance strategy to the Solana blockchain platform, previously exclusive to Ethereum. Paxos plans to take USDP public on Solana on January 17, 2024.

🌐 This event marks an important milestone for Paxos in the race to dominate the stablecoin market, where competitors such as Circle and Tether are also competing.

🔍 Paxos has been approved by the New York Department of Financial Services (DFS) to expand USDP from Ethereum to Solana after a thorough vetting process. However, the company has not disclosed the timeline of the review process.

💬 Walter Hessert, Chief Strategy Officer at Paxos, commented: "Expanding our stablecoin platform to support Solana marks an important step in making stablecoins available to everyday consumers. Paxos has set the standard for custody, reserve management and issuance in the stablecoin market. By integrating USDP with Solana, we are making it easier for everyone to access and use the safest, most trusted stablecoin ."

🔐 Paxos became the first cryptocurrency company to receive a trust license under the new digital assets regulatory framework implemented by DFS in 2015. The company received approval from DFS to issue its first stablecoin in 2018, named "Paxos Standard", then renamed USDP three years later.