Posted 12/22/2023, 2:00:00 PM
Paxos Gets NY Regulator Approval to Expand Regulated Stablecoin to Solana
- Paxos received regulatory approval to expand its stablecoin USDP to the Solana blockchain, allowing it to issue beyond Ethereum for the first time
- As the most regulated stablecoin issuer, Paxos touts its relationship with NY DFS compared to competitors like Tether and Circle
- Paxos went through an "extensive and exhaustive review" by NY DFS to get approval for the Solana expansion
- The Solana move aims to enable new use cases given the chain's speed and low costs compared to Ethereum
- Paxos hopes to gain future approval from NY DFS to expand to other layer-1 and layer-2 blockchains