Solana is extremely popular in 2023, and not only as an investment in the coin. Companies are also eager to expand to this blockchain. Earlier this month, stablecoin publisher Circle announced an expansion to Solana. Now it is the turn of competitor Paxos.
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USDP stablecoin coming soon on Solana
In a press release Paxos reveals that it will soon issue the USDP stablecoin on Solana (SOL). The crypto company praises Solana for its low transaction costs and high transaction speed. As a result, Paxos sees Solana as an excellent network for stablecoins and payments with these tokens. Paxos’ strategy director Walter Hessert stated:
The expansion of our stablecoin platform to Solana is an important step in making stablecoins common for consumers. Paxos is a market leader in the field of supervision, reserve management and stablecoin issuance. By putting USDP on Solana, we make it easier for everyone to use the most reliable stablecoins.
This is the first expansion of Paxos to a new blockchain, previously USDP was exclusively issued on Ethereum (ETH). Issuance on Solana is expected to begin on January 17, 2024.
Paxos and Solana are doing well
Although Solana is only the second network on which USDP will be issued, Paxos is no stranger to stablecoin land. Together with Binance, it is also the issuer of BUSD, although the US Securities and Exchange Commission (SEC) at the beginning of this year ensured that this token can no longer be issued.
Fortunately, Paxos strengthened its position in the market again later in 2023 with the partnership with PayPal for PayPal USD (PYUSD). Unfortunately, this project is not taking off yet, as the market value of PYUSD is only $130 million at the time of writing.
Solana is also doing quite well. Since September, SOL is already up about 550%. The collaboration with Shopify, among other things, was successful for the Solana network. Last week, the token also exceeded the market value of both XRP and BNB.
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2023-12-25 17:14:57
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