LONDON – 16 October 2024 – Today at Meridian 2024, Stellar’s annual conference, Paxos announced that it will integrate with Stellar Network, an open source blockchain used for various payment and remittance applications. . This means that Paxos’ tokenization platform has been further extended to a trusted and growing blockchain.
The collaboration between Paxos and Stellar will further accelerate institutional adoption of stablecoins issued by prudentially regulated institutions. Institutional adoption of these stablecoins is a key element to achieving widespread use and utility of the digital dollar. Companies and institutions need secure, compliant, and trusted tokens to participate in the open economy.
On stage, Paxos CEO and co-founder Charles Cascarilla commented: Stablecoins will revolutionize the global financial system and become accessible to people around the world. This collaboration will accelerate the adoption of stablecoins by users around the world. ”
Denel Dixon, CEO of the Stellar Development Foundation, said: “As a trusted and regulated financial institution, Paxos is an exciting addition to the Stellar ecosystem and we are working with them to increase the adoption of tokenized assets. We look forward to working with them,” he added. The Stellar network is a leader in tokenization due to its speed, low cost, and powerful built-in features and controls. ”
Paxos’ highly regulated approach ensures that its tokenization services comply with financial regulations in each operating region. With the trust built into its platform, Paxos supports leading companies and institutions with their tokenization and digital asset infrastructure needs.
Paxos plans to deploy assets to the Stellar network by late 2024.
About Paxos
Paxos is a leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation of a new, open financial system that can operate faster and more efficiently. Currently, trillions of dollars are locked up in inefficient and outdated financial plumbing, inaccessible to millions of people. Paxos is replatforming the financial system so that assets can be moved instantly, anytime, anywhere in the world, reliably.
Paxos partners with leading global companies to tokenize, store, and trade their assets. The company’s blockchain solutions are used by leading companies such as PayPal, Interactive Brokers, Mastercard, Mercado Libre, and Nubank. Paxos is licensed by the New York Department of Financial Services to engage in virtual currency business activities and is the issuer of numerous digital assets, including PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG). Its regulated affiliate, Paxos International, issues the high-yielding stablecoin Lift Dollar (USDL). Carefully regulated by NYDFS in the US, MAS in Singapore, and FSRA in Abu Dhabi Global Market, Paxos is owned by Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures.
