The New York regulator has approved stablecoin issuer Paxos’ expansion into Solana (SOL), allowing it to launch its first non-Ethereum stablecoin.
According to Fortune, one of the leading stablecoin issuers Paxos, their products January 17, 2024In order to launch it on the Solana network in From the New York Department of Financial Services (NYDFS) received approval.
Previously Binance’s stablecoin of BUSD also manages the export Paxos executive Walter Hesert said, He said that their company is the world’s most regulated stablecoin issuer.
Hessert did not say in the interview what the regulator’s wishes were for the expansion, but Solana did say to Ethereum (ETH) compared to faster And less than He emphasized that it became attractive because it was costly.
In the news, the New York regulator Comprehensive for cryptocurrencies It was stated that it was the only US financial regulator to implement a framework. in 2015 established Paxos, Paxos in 2018 Standard He launched his first stablecoin, which he named.
Payment systems giant PayPal will use it for cryptocurrency transfers and payments PayPal USD (PYUSD) issuance is also undertaken by Paxos.