PAXOS EXPANDS USDG TO SOLANA, AIMING FOR FASTER STABLECOIN TRANSACTIONS

- Paxos’ U.S. dollar-backed stablecoin, USDG, has officially launched on Solana, expanding beyond Ethereum.

Key Details:

- USDG is issued by Paxos Digital Singapore Pte. Ltd., a Monetary Authority of Singapore (MAS)-regulated entity, ensuring compliance with upcoming stablecoin regulations.

- Solana’s blockchain offers faster speeds and significantly lower fees than Ethereum, making USDG more cost-effective for retail and institutional users.

- Crypto firms like Anchorage Digital and Kraken will facilitate USDG access on Solana, helping businesses and investors integrate the stablecoin into their operations.

- Payment providers such as alfred, Caliza, Noah, Rain, and Sling Money are joining the Global Dollar Network, integrating USDG into their systems for cross-border payments and digital transactions.

- Unlike some stablecoins facing regulatory scrutiny, USDG is reportedly backed by cash reserves, short-term U.S. government securities, and dollar deposits, ensuring a 1:1 peg with the U.S. dollar under strict oversight.

- The stablecoin market is dominated by USDT and USDC, with USDC holding 78% of Solana’s stablecoin supply. Paxos aims to challenge this dominance with a regulator-approved alternative.

Images: Solana and Paxos X platforms