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The popular Ethereum competitor Solana has managed to survive after the FTX collapse and is now continuing to grow. Recent news indicates that Solana is likely to be around for a long time. A few minutes ago, an announcement shared from the official Solana account focused on the approval given by the US financial regulator.
Solana Breaking News
Leading stablecoin issuer Paxos received permission on January 17 to launch its stablecoin on the Solana network. In an environment where competitors like Circle and Tether are racing for a critical market share, the New York Department of Financial Services (DFS) made a decision in favor of Solana.
The company’s strategy director Walter Hessert stated the following;
“Paxos is the most regulated stablecoin issuer in the world. We are the only company that issues regulated stablecoins on a large scale.”
This development, which will multiply the value of the Solana network, will also benefit the network’s adoption. Hessert mentioned that Solana’s speed and cost compared to Ethereum make it an attractive option for Paxos’ partners, aiming to implement stablecoin in use cases ranging from cross-border remittances to payments for goods and services. This indicates that Paxos intends to provide even greater support for the adoption of the Solana network than previously understood.
