Stablecoin Paxos (USDP) arrives on the Solana network

Last weekend, Paxos announced the arrival of its USDP stablecoin on the Solana (SOL) blockchain.
With this decision, the stable digital asset expands away from the Ethereum (ETH) network.

Paxos stablecoin USDP arrives on the Solana blockchain

While the Solana (SOL) blockchain ecosystem has been regaining its colors for a few months.
Stablecoin issuer Paxos revealed on Friday that its USDP stablecoin has arrived on this network.

Until now, USDP has only existed locally on the Ethereum (ETH) network and this diversification into its main competitor represents a shift for the brand.
For example, Walter Hessert, chief strategy officer at Paxos, believes that this expansion represents “an important step towards the spread of stablecoins” among consumers, also praising this new feature:

Paxos has created the standard in the field of supervision, reserve management, and issuance of stablecoins in the stablecoin market. By integrating USDP into Solana, we are making it easier for everyone to obtain and use the most secure stablecoins.

Walter Hessert, chief strategy officer at Paxos.

For his part, Solana co-founder Raj Gokal welcomes the arrival of USDP to the Solana blockchain.
He notes that it will allow Paxos “to pursue its vision of a more open and financially independent future.”

Currently, the asset ranks 11th in CoinGecko’s stablecoin category, with a market capitalization of approximately $371 million.
Just before it, we find PAXG, a stablecoin also issued by Paxos, but linked to the price of gold.

As for Solana, we previously mentioned the enthusiasm surrounding this ecosystem recently.
This is particularly evident in SOL’s advance of approximately 945% since the beginning of the year. It has risen from $9.69 to $118.06 at the time of writing.

So, the cryptocurrency ranks fourth in the ranking with a market capitalization of $50.7 billion, ahead of Binance’s BNB which has a total market capitalization of $41.2 billion.

Following concerns about this ecosystem after the FTX scandal which was heavily involved in the development of the network.
Solana seems to have successfully overcome this ordeal, which has encouraged actors like Paxos to take an interest in him.

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