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NYDFS Gives Greenlight to Paxos to Offer USDP on Solana

Paxos will issue the Pax Dollar (USDP) on Solana from the 17th of January 2024.

ShahZaib Ahmed

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Paxos, a significant blockchain-based financial firm got full-fledged approval from the New York Department of Financial Service (NYDFS) for its expansion to the Solana network. According to the media, NYDFS gives the green light to Paxos to launch and offer USDP on Solana.

Paxos will issue the Pax Dollar (USDP) on Solana from the 17th of January 2024. Paxos officials announced this exclusive news about getting approval from NYDFS to launch USDP on Solana and call it part of the strategic expansion at the global level.

Paxos: Financially Empowering the Future

Raj Gokal, the co-founder of Solana shared his remarks about this new alliance, saying that Paxos is playing a crucial role in financially empowering the future. He said that the launch of Pax Dollar on the Solana network is proof of Solana’s high and efficient performance at the cost of low transaction fees. Moreover, this alliance would help and support financial institutions like Paxos by providing new ways to innovate and scale in the crypto space.

Also Read: Strategy Head of Solana Foundation Discloses Reasons for SOL’s Rise

Before, USDP was only available on Ethereum, but now Paxos is making a big move by also giving out the tokens on Solana. This step shows how Paxos wants to grow its business for both companies and regular users on a wider scale. While, on the other hand, Walter Hessert, the Paxos’ Head of Strategy calls this development a significant step towards making the stablecoins easily available for the common customers.

Paxos is Penetrating in the Crypto Space

Paxos seems to be penetrating the crypto space due to its unique and user-friendly services. In November 2023, Paxos also got significant approval from MAS (Monetary Authority of Singapore) to work as Paxos Digital Singapore Pte. Ltd. Being recognized as a subsidiary, Paxos got permission to offer digital payment solutions and other related crypto services.

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