Stablecoin Issuer Paxos Takes Solana Plunge, Scores Clearance To Broaden Offerings
Portfolio Pulse from Murtuza Merchant
Paxos, a regulated stablecoin issuer, has received regulatory approval to expand its offerings to the Solana blockchain, with plans to launch on January 17, 2024. Paxos, which currently issues USDP stablecoin exclusively on Ethereum due to DFS restrictions, aims to grow despite challenges, such as the recent directive from DFS to stop issuing Binance's stablecoin, BUSD. Paxos is known for its partnerships with companies like MercadoLibre, Paypal, and Mastercard, emphasizing customer protection.
December 22, 2023 | 6:58 pm
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POSITIVE IMPACT
Mastercard's collaboration with Paxos may see a positive impact from Paxos's regulatory approval to expand to Solana, potentially enhancing Mastercard's crypto-related services.
Mastercard's existing relationship with Paxos indicates that Paxos's successful expansion and regulatory compliance could positively influence Mastercard's crypto payment solutions.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Paypal, which has partnered with Paxos, could potentially benefit from Paxos's expansion to Solana, reinforcing its position in the digital payments space with regulated stablecoin offerings.
Paypal's partnership with Paxos suggests that Paxos's growth and expansion could have a positive impact on Paypal's offerings, especially if it leads to broader adoption or new features.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Coinbase Inc., mentioned as a company attracted to the DFS's crypto framework, may see indirect effects from Paxos's expansion to Solana as it could influence the overall stablecoin market.
Coinbase is mentioned as a company operating under the DFS's crypto framework, which Paxos also operates under. Paxos's expansion could affect the stablecoin market, but the direct impact on Coinbase is uncertain.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30