Paxos Becomes Multi-Chain Stablecoin Issuer, Expanding To Solana

It has been just reported that Paxos became a multi-chain stablecoin issuer, and it expanded to Solana ecosystem. Check out the following reports about this below.

Stablecoin issuer, Paxos, is expanding its services to the Solana (SOL) network.

This marks the first time a multi-chain platform is regulated across multiple jurisdictions.

The New York-based cryptocurrency firm has exclusively worked with Ethereum (ETH) in the past, but will now release its dollar-pegged crypto asset, Pax Dollar (USDP), over the Solana blockchain.

A press release from the company announced this development.

“Paxos, the leading regulated blockchain and tokenization infrastructure platform, is pleased to announce a strategic expansion of its stablecoin issuance to the Solana blockchain platform.

Previously exclusive to Ethereum, this initiative represents a significant milestone for the innovation and evolution of Paxos’s enterprise and consumer-facing businesses.”

The Solana Foundation has announced that starting from January 17th, 2024, Pax Dollar will be available over the Solana blockchain.

This expansion of Paxos to the Solana blockchain will expand the growing payments ecosystem on Solana, and their USDP stablecoin is also planned to be available for public use from the same date.

As stated by Raj Gokal, co-founder of Solana, in the press release,

“Paxos’s decision to bring stablecoin issuance to the Solana blockchain will showcase how Solana’s high-performance network and low transaction fees can support regulated financial products and provide leaders like Paxos new ways to scale and innovate.

The Solana network will enable Paxos to further its vision for a more open and financially empowering future.”

In other recent news, Bitcoin’s price is set to explode during the next year.

It has been revealed the fact that Dan Tapiero, a macro guru and crypto fund manager, predicts that Bitcoin (BTC) will experience a significant “up year” in 2024.

He recently shared this opinion with his 111,000 followers on the social media platform X. Tapiero expects Bitcoin to continue posting substantial gains in 2023, after its remarkable surge this year.