Paxos to Launch USDP Stablecoin on Solana Network

The infrastructure blockchain company Paxos announced the launch of the ‘stablecoin’ USDP on the Solana network from 17 January 2024.

1/?️Breaking News: Paxos Expands to Solana@Paxos, the leading regulated blockchain & tokenization infrastructure platform, will benefit from the high-performance architecture of Solana & plans to offer the USDP stablecoin to the public mid-Jan. 2024.https://t.co/PkFUByXcXb? pic.twitter.com/NPKMR7EtL8

— Solana (@solana) December 22, 2023

Originally, USDP operated only on the Ethereum network. Representatives from Solana noted that support for their blockchain would increase transaction speed and lower fees.

“Expansion … marks an important step on the path to the widespread adoption of the ‘stablecoin’ among ordinary consumers,” said Walter Hessert, head of strategy at Paxos.

The company emphasised that Paxos Trust Company LLC’s products and platform are regulated by the New York State Department of Financial Services (NYDFS).

“Regulatory oversight ensures that Paxos builds solutions only on blockchain protocols with maximum security and integrity,” the release said.

In November, the blockchain company received in-principle approval from Singapore authorities to launch a new dollar-pegged stablecoin.

Earlier, Paxos released the PYUSD stablecoin from payments giant PayPal on the Ethereum network. The asset has drawn mixed reactions from members of the crypto community. Some considered the coin would spur broad uptake of digital assets, while others pointed to centralisation risks.

Earlier, in February, the NYDFS initiated an investigation into Paxos. The regulator later ordered the company to cease issuing BUSD.