Paxos begins issuing stablecoins on Solana and ends its Ethereum exclusivity.

Blockchain infrastructure platform Paxos announced this Friday (22) that its stablecoin USDP (PaxDollar) will also be issued on the Solana blockchain, breaking the exclusivity of the Ethereum network.

In a statement, the company said the expansion “represents an important milestone in the innovation and advancement of the company’s customer-facing business.” The idea is that USDP will be minted on Solana starting January 17, 2024.

“The Solana blockchain offers users low transaction fees and fast operations, making it very attractive for stablecoin and US dollar payments,” Paxos said.

“Extending the Paxos stablecoin platform to Solana is a big step forward in making stablecoins more present in our customers’ everyday lives,” explains Walter Hessert, Head of Strategy at Paxos.

“Paxos’ decision to issue a stablecoin on the Solana blockchain demonstrates that the company’s high-performance network can support regulated financial products and provide new growth avenues for market-leading companies,” said Raj Gokal, co-founder of Solana. We’ll show you how. And innovate.”

Paxos’ products and platform are regulated by the New York State Department of Financial Services (NYDFS), and this regulatory oversight ensures that the company builds its solutions only on safe and sound blockchain protocols.

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