From Fortune Media Company:



The leading stablecoin issuer, Paxos, has received regulatory approval to expand its products to the Solana blockchain, with a launch planned for January 17, 2024. This expansion is a significant step for Paxos, which emphasizes its relationship with the New York Department of Financial Services (DFS) and its regulatory compliance as a key differentiator from its competitors. Paxos has received DFS approval to issue its stablecoins and has now been given approval to expand from Ethereum to Solana. The decision to expand to Solana is based on its speed and cost relative to Ethereum, making it an attractive option for Paxos’s partners. While Paxos plans to issue its USDP stablecoin on Solana, they hope to gain approval to issue stablecoins across other layer-1 and layer-2 blockchains in the future. Despite some missteps, including issues with one of their stablecoins that led to regulatory orders, Paxos has high-profile partnerships with major financial players like PayPal. The company aims to gain trust with its partners by working within the framework of a financial regulator, in contrast with some of its competitors. Overall, the Solana expansion is an important development for Paxos as it seeks to further establish itself as a leader in the stablecoin market.



Original: Exclusive: NY financial regulator approves Paxos expansion to Solana, allowing for its first stablecoin issuance beyond Ethereum