Blockchain infrastructure and tokenization platform Paxos today announced a strategic expansion of stablecoin issuance on the Solana blockchain platform.
Previously exclusive to Ethereum, this initiative represents a significant milestone for the innovation and evolution of Pax and consumer-facing businesses. Paxos plans to offer Solana USDP to the public on January 17, 2024.
The Solana blockchain offers users fast transaction rates and lower transaction fees, making it an exciting network for stablecoins and US dollar payments. By expanding its reach to Solana, Paxos reaffirms its commitment to providing seamless and efficient financial solutions in the ever-evolving blockchain space. USDP is known for its reliability and customer security and will benefit from Solana’s high-performance architecture.
Walter Hessert, Head of Paxon Strategy, commented:
“The expansion of our stablecoin platform to support Solana marks an important step in making stablecoins ubiquitous for everyday consumers. Paxos has set the standard for oversight, reserve management and issuance in the stablecoin market. By integrating USDP with Solana, we’re making it easier for anyone to own and use the safest, most trusted stablecoins.”
Raj Gokal, co-founder of Solana, commented:
“Paxos’ decision to bring stablecoin issuance to the Solana blockchain will demonstrate how Solana’s high-performance network and low transaction fees can support regulated financial products and offer leaders like Paxos new ways to scale and innovate.” The Solana network will enable Paxos to advance their vision for a more open and economically strong future.”