2023-12-23
There is a report that The New York
Department of Financial Services (DFS) has approved Paxos to issue US
dollar stablecoin on Solana blockchain.
Previously U.S. authorities approved Paxos
to issue US dollar stablecoin on Ethereum network. Solana network will be
the second blockchain beyond Ethereum.
Paxos’s US stablecoin product is called
Pax Dollar (USDP). USDP reserves are held 100% in cash and cash equivalents
and it gets regulated by U.S. regulator.
Other major stablecoin brands besides USDP are USDT and USDC. USDP currently ranks 134th largest crypto by market cap with market capitalization of $369 million.
