Paxos Expands to Stellar Network, Enhancing Global Stablecoin Adoption
Jessie A Ellis Oct 16, 2024 11:22
Paxos announces integration with the Stellar network at Meridian 2024, aiming to boost institutional adoption of stablecoins and enhance global financial accessibility.
Paxos, a prominent blockchain infrastructure and tokenization platform, has revealed plans to integrate with the Stellar network, according to Paxos. Announced at Meridian 2024, Stellar's annual conference, this collaboration is set to broaden Paxos' reach and enhance its tokenization platform within the blockchain ecosystem.
Facilitating Institutional Adoption
The partnership between Paxos and Stellar is poised to facilitate the institutional adoption of stablecoins, which are issued by prudentially regulated entities. This move is considered vital for expanding the usage and utility of digital dollars globally. Paxos CEO and Co-Founder Charles Cascarilla expressed enthusiasm, stating, "We are excited to partner with Stellar to make trustworthy stablecoins more accessible to global institutions."
Stellar's Role in Tokenization
Denelle Dixon, CEO of the Stellar Development Foundation, highlighted the significance of Paxos joining the Stellar ecosystem. "As a trusted, regulated financial institution, Paxos is an exciting addition to the Stellar ecosystem," said Dixon. She further emphasized Stellar's leadership in tokenization, attributed to its speed, low-cost, and robust features.
Regulated and Trusted Offerings
Paxos prides itself on offering highly regulated tokenization solutions, ensuring compliance with financial regulations across various regions. The company's platform supports major enterprises and institutions in their digital asset infrastructure needs. With plans to introduce assets to the Stellar network by late 2024, Paxos aims to strengthen its position in the global financial landscape.
About Paxos
Paxos is a leading regulated blockchain infrastructure provider, known for its commitment to replatforming the financial system. By enabling instantaneous asset movement worldwide, Paxos partners with industry leaders like PayPal, Mastercard, and Nubank. The company is licensed by the New York Department of Financial Services and operates globally, backed by significant investment from top venture capital firms.
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