Paxos Plans Expansion to Stellar Network in Collaboration with Stellar Development Foundation

News provided by

Oct 16, 2024, 08:30 ET

LONDON, Oct. 16, 2024 /PRNewswire/ -- Today at Meridian 2024 - the annual conference of Stellar - Paxos announced it will integrate with the Stellar network, an open-source blockchain used for a variety of payment and remittance applications. This represents another expansion of Paxos' tokenization platform to a trusted and growing blockchain.

The collaboration between Paxos and Stellar will further facilitate institutional adoption of stablecoins issued by prudentially regulated institutions. Institutional adoption of these stablecoins is a crucial component of achieving wide scale use and utility of digital dollars. Enterprises and institutions need safe, compliant and trustworthy tokens in order to engage with the open economy.

Onstage, Paxos CEO and Co-Founder Charles Cascarilla commented, "We are excited to partner with Stellar to make trustworthy stablecoins more accessible to global institutions. Stablecoins will revolutionize the global financial system and open access to people around the world. This collaboration will accelerate adoption of stablecoins by users around the world."

Denelle Dixon, Chief Executive Officer of the Stellar Development Foundation, added, "As a trusted, regulated financial institution, Paxos is an exciting addition to the Stellar ecosystem and we look forward to working with them to increase the adoption of tokenized assets. The Stellar network is a leader in tokenization because of its speed, low-cost, and its powerful, built-in features and controls."

Paxos' highly regulated approach ensures that its tokenization offerings comply with financial regulations in each region of operation. With trust and credibility built into its platform, Paxos supports leading enterprises and institutions with their tokenization and digital asset infrastructure needs.

Paxos plans to bring assets to the Stellar network by late 2024.

About Paxos

Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.

Paxos partners with leading global enterprises to tokenize, custody and trade assets. Its blockchain solutions are used by leaders like PayPal, Interactive Brokers, Mastercard, Mercado Libre and Nubank. Paxos is licensed to engage in virtual currency business activity by the New York Department of Financial Services and is the issuer of numerous digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). Its regulated affiliate company Paxos International issues the yield-bearing stablecoin Lift Dollar (USDL). Prudentially regulated by the NYDFS in the US, the MAS in Singapore and FSRA in Abu Dhabi Global Market, Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures.

Contact: Becky McClain, [email protected]

SOURCE Paxos