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Paxos received official approval from the New York Financial Services Department (DFS) to expand its stablecoin minting operations on Solana. This development was a significant step towards elevating Paxos to the peak of regulatory compliance.
Paxos could strengthen its relationship with the New York Financial Services Department and potentially compete with industry giants like Circle and Tether through its plan to expand to the Solana blockchain, which they are prepared to launch on 17 January 2024.
In 2018, the company received approval from the New York Financial Services Department for its first stablecoin, which was later renamed Paxos Standard or 2021’de USDP.
The company’s direct collaboration with DFS and its focus on regulatory compliance significantly sets it apart from its competitors. USDP, a stablecoin pegged to the US dollar, is currently being issued on Ethereum.
Paxos strategy Chief Walter Hessert stated in his remarks that the expansion to the Solana blockchain is a crucial step for providing broader accessibility of stablecoins to everyday consumers. By integrating USDP into Solana, they aim to make trusted stablecoins easily purchasable and usable by everyone.
Paxos progresses with PYUSD
During the bear season, Paxos was severely affected and faced problems due to allegations that BUSD, a stablecoin joint venture with the Binance exchange, had uncertain reserve support and was producing a synthetic version of BUSD.
After the New York Financial Services Department’s request to halt the latest BUSD issue resulted in a 95% drop in Paxos’s revenues, the company that agreed with Paypal moved forward by issuing PYUSD.
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