The New York Department of Financial Services (DFS) has approved Paxos’ expansion to the Solana blockchain.
Stablecoin issuer Paxos has reportedly received regulatory approval from the New York Department of Financial Services (DFS) to launch its products on the Solana blockchain.
To date, the company has been authorized to issue its Pax Dollar (USDP) stablecoin only on the Ethereum network due to restrictions imposed by the DFS. The debut of Paxos on Solana is scheduled for Jan. 17, 2024.
Pax Dollar is a fiat-collateralized stablecoin, meaning it’s backed 1:1 by the United States dollar.
