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NEW YORK – Paxos, a financial technology company regulated by the New York Department of Financial Services (DFS), has received approval to expand its stablecoin offerings to blockchain, starting January 17, 2024. This marks a important milestone for Paxos, which has so far issued stablecoins like USDP only on the Ethereum network due to regulatory limitations.
The move to Solana is expected to improve the company’s offerings by taking advantage of blockchain’s faster transaction speeds. Paxos has established itself as a regulated entity in the digital assets space, distinguishing itself from other stablecoin issuers such as Tether and USD Coin. The company’s commitment to compliance and regulation has been a cornerstone of its strategy to expand its services and meet the evolving needs of its partners.
Among Paxos’ notable partnerships is that with PayPal, which could benefit significantly from integrating with Solana, known for its fast and cost-effective transactions. This expansion is not just a technical upgrade, it is also part of Paxos’ broader plan to increase its international presence. The company is actively pursuing regulatory approvals beyond the United States, including in strategic financial centers such as Singapore and Abu Dhabi.
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