Paxos receives approval from NY regulator to expand to Solana

Stablecoin issuer Paxos received approval from a New York regulator to expand to the Solana blockchain after being previously limited to just Ethereum. Paxos said the approval by the New York Department of Financial Services "represents a significant milestone for innovation and evolution of Paxos's enterprise and consumer-facing business," according to a statement on Friday. Fortune first reported the news. Paxos said it plans to offer USDP, a USD-backed stablecoin, on Solana to the public on Jan. 17. The Solana blockchain has rapid transaction rates and lower transaction fees, according to Paxos's statement. "The expansion of our stablecoin platform to support Solana marks an important step towards making stablecoins ubiquitous for everyday consumers," Walter Hessert, Paxos's head of strategy, said in a statement. "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."