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.
