Solana Ramps Up For Paxos’ Stablecoin Expansion With NYDFS’s Positive Nod For January 2024
Summary
Paxos received regulatory approval to extend its stablecoin offering to the Solana blockchain, following a directive to halt minting Binance’s BUSD tokens. The company is known for issuing regulated stablecoins at scale and obtained the first trust charter granted to a crypto firm by the NYDFS. Paxos chose Solana for its speed and cost advantages over Ethereum and plans to launch USDP on the blockchain. The expansion marks a significant milestone in Paxos's journey towards regulatory compliance and innovation. SOL's price has seen a significant uptrend, gaining 8.2% in the past 24 hours and 73% in the last 30 days.
