---
title: "Paxos to launch USDP stablecoin on Solana after securing NY regulatory approval"
url: https://diffcoin.com/paxos-to-launch-usdp-stablecoin-on-solana-after-securing-ny-regulatory-approval/
description: "Paxos claims that the approval from the New York regulator aligns with its commitment to regulatory compliance and transparency."
published: 2023-12-22
updated: 2023-12-22
author: "Mila"
site: "Diffcoin"
---

# Paxos to launch USDP stablecoin on Solana after securing NY regulatory approval

#### Share this article

Blockchain infrastructure firm Paxos has received regulatory approval to expand its stablecoin operations to the Solana blockchain. The USDP stablecoin is expected to launch on Solana on January 17, 2024, with its smart contract following the SPL token standard.

According to initial coverage today from Fortune, the New York Department of Financial Services (DFS) has given Paxos approval to launch its USDP stablecoin on Solana.

> 1/🏛️Breaking News: Paxos Expands to Solana[@Paxos](https://twitter.com/Paxos?ref_src=twsrc%5Etfw), the leading regulated blockchain & tokenization infrastructure platform, will benefit from the high-performance architecture of Solana & plans to offer the USDP stablecoin to the public mid-Jan. 2024. [pic.twitter.com/NPKMR7EtL8](https://t.co/NPKMR7EtL8)
> 
> — Solana (@solana) [December 22, 2023](https://twitter.com/solana/status/1738204879120957945?ref_src=twsrc%5Etfw)

Through this approval, Paxos aims to expand the reach and volume of its USDP stablecoin. The market for stablecoins currently has Tether’s USDT ($91 billion) and Circle’s USDC ($24.8 billion) in the top two positions by market cap. Paxos’ stablecoin offering is ranked ninth with a market cap of $370 million, according to data from Messari.

Paxos claims that the approval from the DFS aligns with its commitment to regulatory compliance and transparency. The stablecoin issuer says it is the “only blockchain platform to be regulated in multiple jurisdictions and across multiple blockchains.”

> “Paxos has set the standard for oversight, reserve management and issuance in the stablecoin market. By integrating USDP with Solana, we’re making it easier for anyone to get and use the safest, most reliable stablecoins,” Paxos Head of Strategy Walter Hessert said.

In its announcement, Paxos said that this kind of regulatory oversight ensures that they build solutions on protocols like Solana with “security and integrity,” adding that they aim to utilize blockchain technology “in responsible ways” for real-world use cases.

> “The Solana network will enable Paxos to further its vision for a more open and financially empowering future,” shares Solana co-founder Raj Gokal, commenting on their partnership with Paxos.

Paxos asserts that its stablecoin has consistent 1:1 parity with the US dollar. Stablecoin research from S&P shows that USDP has exhibited 7,581 depeg events above $1.005 for a total depeg time of 51,217 minutes (or roughly a month and five days).

#### Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

[Source link](https://cryptobriefing.com/paxos-launch-usdp-stablecoin-solana-after-securing-ny-regulatory-approval/?utm_source=feed&utm_medium=rss)