Paxos Receives Approval for Expansion to Solana from New York Regulators
Stablecoin issuer Paxos has received approval from New York regulators to expand to the Solana blockchain, which was previously limited to Ethereum.
Paxos said in a statement Friday that the approval from the New York Department of Financial Services “represents an important milestone for the innovation and advancement of Paxos’ enterprise and consumer-facing businesses.” luck I first reported the news.
Paxos announced on January 17 that it plans to make USDP, a USD-backed stablecoin, available to the public on Solana. According to a statement from Paxos, the Solana blockchain offers fast transaction speeds and low transaction fees.
“Expanding our stablecoin platform to support Solana is an important step toward making stablecoins available to everyday consumers everywhere,” said Walter Hessert, head of strategy at Paxos. name. “Paxos has set the standard for oversight, reserve management, and issuance of the stablecoin market. By integrating USDP and Solana, we are making it easier for anyone to obtain and use the most secure and trustworthy stablecoins. “
Paxos received its first limited purpose trust charter for digital assets from NYDFS in 2015, according to its website. The company also said all of its operations are overseen by New York regulators.
The company also faced the wrath of regulators. NYDFS earlier this year Bespeak After Binance and Paxos launched their stablecoins in 2019, the company stopped issuing Binance USD.
Solana surge
Solana’s native SOL token has surged 8.1% over the past 24 hours to trade at $94.50 at 10:22 a.m. ET. Last month, it soared by 73%.
find Volume Meanwhile, Solana has been on the rise over the past few months. Searches for the term “solana” on Google increased 250% from early October to early December, according to data tracked by The Block.
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