New York financial authorities approve Paxos to issue Solana stable coin

First stablecoin other than Ethereum approved by NY authorities

US Web3 payment service provider Paxos plans to adopt the Solana blockchain and issue the US dollar stablecoin “USDP”. It will be the second supported blockchain after Ethereum.

Regarding the announcement, the Solana Foundation said, “The expansion to the Solana blockchain will expand the growing payments ecosystem on Solana, and the USDP stablecoin will be available for general use starting January 17, 2024.” Ta.

3/ @Paxos‘ expansion to the Solana blockchain broadens the growing payments ecosystem on Solana and their USDP stablecoin is planned to be available for public use starting Jan. 17th, 2024.

Read the full @FortuneMagazine exclusive https://t.co/PkFUByXcXb

— Solana (@solana) December 22, 2023

Solana Chain’s USDP adoption was approved by the New York Department of Financial Services, and Paxos said, “The certification by the New York Department of Financial Services is an important milestone in the innovation and evolution of Paxos’ enterprise and consumer businesses. ” he said.

USDP has so far adopted the Ethereum blockchain, but the Solana Foundation cited the advantages of adopting Solana as “quick transaction speeds” and “very low transaction fees.”

Possibility of adopting PayPal

In addition, Paxos is currently partnering with the major US payment company PayPal to issue a stablecoin called PYUSD, and with partner Paxos adopting the Solana chain, PayPal is also using Solana as an option other than the Ethereum chain. The possibility of using it has emerged.

connection: U.S. PayPal updates virtual currency terms and conditions, allowing use of its own stablecoin

Regarding corporate adoption of Solana, there is a case in which major payment company Visa expanded Solana’s version of USDC payment function to acquirers in September.

connection: Visa now supports USDC payments with Solana

In addition, the stablecoin transaction volume on Solana Onchain ranks first among all chains every day.

BREAKING: @solana DAILY STABLECOIN TRANSFER VOLUME LEADS ALL OTHER CHAINS FOR THE 5TH DAY IN A ROW pic.twitter.com/jaUcc8rLen

— DEGEN NEWS (@DegenerateNews) December 21, 2023

Solana’s price is approaching the $100 level, +4.8% from the previous day. It has surpassed BNB’s market capitalization to become the 4th largest stock on CMC.

connection:Bitcoin approaches year-to-date high, Solana (SOL) rises to 4th place in market capitalization

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