🔥 Solana Blockchain Gearing Up for Paxos Stablecoin Launch
posted 22 Dec 2023
Paxos, the stablecoin issuer, has received the green light from the New York State Department of Financial Services (DFS) for introducing its products to the Solana blockchain.
As reported by Fortune, Paxos is poised to announce the launch of its USDP stablecoin on Solana's network by January 17, 2024.
USDP (Pax Dollar) is a stablecoin, each unit of which is fully backed by the U.S. dollar at a one-to-one ratio. In the past, Paxos was permitted to issue USDP solely on the Ethereum blockchain.
Walter Hessert, the Chief of Strategy at Paxos, highlighted that the DFS's approval came after an exhaustive and detailed review, particularly focusing on the risk management system within the Solana ecosystem.
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