Solana will be home to another major stablecoin

Solana will be very popular in 2023, and not just as an investment in the coin. Companies are also looking to expand on this blockchain. Earlier this month, stablecoin publisher Circle announced an expansion to Solana. Now it’s the turn of its competitor Paxos.

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USDP stablecoin coming soon to Solana

In a press release, Paxos announced 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. Therefore, Paxos sees Solana as an excellent network for stablecoins and payments with these tokens. Paxos strategy director Walter Hessert explained:

Extending our stablecoin platform to Solana is an important step in making stablecoins widely available to consumers. Paxos is the market leader in supervision, reserves management and stablecoin issuance. By providing USDP on Solana, we are making it easier for everyone to use the most reliable stablecoins.

This is the first expansion of Paxos to a new blockchain, previously USDP was issued exclusively on Ethereum (ETH). Issuance on Solana is expected to begin on January 17, 2024.

Paxos and Solana are fine

Although Solana is only the second network to issue USDP, Paxos is no stranger to the stablecoin space. Along with Binance, it is also the issuer of BUSD, although the US Securities and Exchange Commission made it impossible to issue this token earlier this year.

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Fortunately, Paxos strengthened its market position again later in 2023 by partnering with PayPal for PayPal USD (PYUSD). Unfortunately, this project is yet to get off the ground as PYUSD’s market cap is only $130 million at the time of writing.

Solana is doing quite well too. SOL has already risen by around 550% since September. For the Solana network, the collaboration with Shopify, among others, was successful. Last week, the token also surpassed the market capitalization of XRP and BNB.

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