The New York-based stablecoin platform Paxos unveiled its USDP token will expand to the Solana">Solana blockchain and become publicly accessible starting on January 17, 2024.
The move comes after Paxos secured regulatory approval from the New York Department of Financial Services, paving the way to extend USDP beyond its initial exclusive availability on Ethereum.
According to Paxos Head of Strategy Walter Hessert, the milestone integration with Solana marks an important step toward making stablecoins ubiquitous in finance and easier for anyone to access the company’s reliable and regulated offering.
Paxos is competing in a fierce market for stablecoin dominance alongside other major issuers like Circle and Tether. Gaining access to Solana significantly expands its potential reach and usage.
The expansion also signals positive regulatory reception thus far for Paxos after 2022 challenges like ending its tie-up with Binance’s BUSD stablecoin due to scrutiny. As crypto oversight solidifies from the SEC and elsewhere, Paxos continues working to set itself as a standard-bearer.
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