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The leading stablecoin issuer Paxos has received regulatory approval to expand its products to the Solana blockchain, which it plans to launch on Jan. 17, 2024. “Paxos is the most regulated stablecoin issuer in the world,” Walter Hessert, head of strategy at the firm, told Fortune in an interview. Paxos received DFS approval to issue its first stablecoin in 2018, which it called Paxos Standard, rebranding the token to USDP in 2021. Unlike the other leading USD-pegged stablecoins Tether and Circle’s USD Coin, Paxos only issues USDP on Ethereum owing to restrictions from DFS. Hessert said Paxos hopes to gain approval to issue stablecoins across other layer-1 and layer-2 blockchains, although he declined to provide specific examples.
