Paxos recently revealed that it’s planning an expansion to the Stellar Network which would be in collaboration with the Stellar Development Foundation.
Paxos confirmed that it will integrate with the Stellar network, which is desribed as an open-source blockchain that’s used for a range of payment and remittance apps.
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.
Paxos CEO and Co-Founder Charles Cascarilla said the stablecoins will enhance the financial system and open access to people around the world.
Denelle Dixon, Chief Executive Officer of the Stellar Development Foundation, added that as a regulated financial institution, Paxos is an key addition to the Stellar ecosystem and they now look forward to working with them to increase the adoption of tokenized assets.
They added that the Stellar network is a key player focused on tokenization because of its “speed, low-cost, and its powerful, built-in features and controls.”
Paxos’ “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. ”
Paxos is the regulated blockchain infrastructure and tokenization platform.
Its products are said to be 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Today, trillions of dollars are locked in “inefficient, outdated financial plumbing” that is inaccessible to millions.
Paxos claims that it is focused on “replatforming” the financial system to enable assets to instantaneously move anywhere.
Paxos partners with enterprises in order to tokenize, custody and trade assets.
Its blockchain solutions are used by firms such as 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).
