Paxos Expands to Solana; China Urges Global Crypto Regulation; Solana Surpasses BNB Market Cap
Summary:
Paxos has received approval from the New York Department of Financial Services to expand its USDP stablecoin operations onto the Solana blockchain. The People's Bank of China's latest financial stability report calls for global joint efforts to regulate the cryptocurrency market. Furthermore, cryptocurrency Solana (SOL) has seen an 18% surge in its price over the last 24 hours, propelling its market capitalization beyond that of Binance's BNB for the first time in over two years.
Paxos, a renowned stablecoin operator, has recently been given the green light from the New York Department of Financial Services (DFS) to expand its operations on the Solana blockchain. With the DFS's non-objection ruling, Paxos has the freedom to broaden its USDP stablecoin's presence from Ethereum to Solana. Walter Hessert, Paxos' head of strategy, commented that this opportunity follows a thorough review procedure. Though USDP's market capitalization pales in comparison with that of major contenders like Tether (USDT) and USD Coin (USDC), Paxos prides itself on being the most regulated stablecoin issuer on the planet.
In other developments, the People's Bank of China (PBoC) recently released its latest financial stability report, calling for international collaboration in regulating cryptocurrencies. The report stresses the importance of coordinated regulation across borders, keeping in view the crypto market's increasing significance. The PBoC makes it clear that the crypto segment constitutes 1% of the global financial system and maintains minimal links with traditional finance.
Meanwhile, cryptocurrency Solana (SOL) has been enjoying a significant price surge and has subsequently surpassed Binance's BNB in market capitalization. The cryptocurrency Industry has been abuzz with Solana's stellar performance, which has resulted in an 18% increase in its price over the last 24 hours. This boost has elevated Solana's market cap to a whopping $41.9 billion, surpassing Binance Chain's BNB market cap of $41.8 billion. Solana's previous ascent to fourth place occurred in November 2021, at the height of a bullish market cycle. During that time, its market cap peaked at $75 billion, trailing behind BNB's $108 billion. A surge in search interest for Solana, particularly from the United States, has also been observed.
Published At
12/22/2023 10:12:08 PM
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