Paxos, a major player in the stablecoin market, has received regulatory approval from the New York Department of Financial Services (DFS) to expand its stablecoin offerings to the Solana blockchain. This is a significant development as Paxos was previously limited to issuing its Pax Dollar (USDP) stablecoin exclusively on the Ethereum network.
Solana’s blockchain technology offers advantages over Ethereum, including higher transaction throughput. Solana can handle around 50,000 to 65,000 transactions per second (TPS), compared to Ethereum’s capacity of about 30 TPS. This expansion to Solana is scheduled for January 17, 2024, and is expected to provide Paxos’s partners and clients with more efficiency and lower costs.
Paxos’s focus on regulatory compliance sets it apart from other stablecoin issuers. The company has been actively working within regulatory frameworks and has obtained approval from the New York DFS for its expansion plans. Paxos aims to become more integrated into everyday consumer transactions with the help of Solana’s ease of use and cost-effective ecosystem.
This move to the Solana blockchain is part of Paxos’s broader strategy to explore regulatory approvals for other blockchain networks. The company has been expanding its international presence, with recent progress in markets such as Singapore and Abu Dhabi.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | None |
| Companies | Paxos, New York Department of Financial Services (DFS), Solana |
| Currencies | None |
| Securities | None |
