Paxos Receives Regulatory Nod from NYDFS to Offer USDP on Solana

• Paxos acquires regulatory nod from the NY DFS for its expansion to Solana.
• The platform will issue Pax Dollar on Solana on January 17, 2024.
• Solana’s co-founder, Raj Gokal, asserts the alliance envisions building a financially empowering future.

Paxos, a prominent blockchain-based financial institution, announced the strategic expansion of its stablecoin issuance to the Solana blockchain. As the New York Department of Financial Services (DFS) has provided regulatory approval for Paxos’ expansion, the platform will issue its Pax Dollar (USDP) on Solana on January 17, 2024.

Solana’s co-founder Raj Gokal asserted that the blockchain’s alliance with Paxos envisions building a “financially empowering future.” Further commenting on the collaboration, Gokal stated,

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.

While the issuance of USDP was previously exclusive to Ethereum, Paxos’ i…

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