Paxos, the tokenization and stablecoin platform, has announced its plans to expand its stablecoin issuance to the Solana blockchain. The company, which currently oversees the pax dollar (USDP), expects to make Solana-issued USDP publicly available starting January 17, 2024.
Paxos Expands to Solana
Paxos recently revealed that its venture into Solana represents its first expansion to a new blockchain. The USDP stablecoin was initially launched on Ethereum. The New York Department of Financial Services (NYDFS) has reportedly endorsed Paxos' initiative, granting public access to USDP via Solana by mid-January 2024.
In a statement, Paxos' Head of Strategy, Walter Hessert, highlighted the significance of expanding their stablecoin platform to support Solana. He stated, "The expansion of our stablecoin platform to support Solana marks an important step towards making stablecoins ubiquitous for everyday consumers."
Paxos' Stablecoin Offerings
In addition to USDP, Paxos has been overseeing the issuance of the stablecoin BUSD. However, the NYDFS directed the cessation of BUSD's creation, leading to a significant redemption of the stablecoin in circulation over the past year. Paxos also collaborates with Paypal to oversee the issuance of Paypal's newly introduced PYUSD stablecoin.
USDP's Market Position
Currently, USDP ranks as the ninth largest stablecoin in terms of market capitalization, with a circulating supply of 369,946,003 tokens. The stablecoin has been assigned an A- grade by Bluechip's stablecoin rankings, recognizing its regulatory compliance and focus on customer protection. However, the rankings also note that USDP has limited adoption in the wider crypto markets.
In the last 24 hours, USDP has seen a global trade volume of $3,937,693. While this may seem modest compared to major stablecoins like tether (USDT) and usd coin (USDC), which have trading volumes in the billions, USDP continues to gain traction. Binance is currently the most active exchange for USDP, with the most traded pairing being with USDT.
Paxos has disclosed the specific Solana smart contract address for USDP in its announcement. Currently, there are only 69 Solana-based USDP tokens in existence, with five recorded transactions. These token test transfers took place eight days ago, as indicated by the Solana explorer, Solscan.io.
Raj Gokal, the co-founder of Solana, expressed his excitement about Paxos' decision to bring stablecoin issuance to the Solana blockchain. He believes that this move will showcase how Solana's high-performance network and low transaction fees can support regulated financial products and enable Paxos to scale and innovate.
Paxos' expansion to the Solana blockchain represents a significant step in making stablecoins more accessible to everyday consumers. With the endorsement from the NYDFS and the potential for increased market adoption, Paxos aims to solidify its position in the stablecoin market. As the launch date approaches, the crypto community eagerly awaits the impact of this new development. Share your thoughts and opinions about Paxos expanding to Solana in the comments section below.
Frequently Asked Questions
Should You Invest in gold for Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. Consider investing in both.
Gold is a safe investment and can also offer potential returns. It's a great investment for retirees.
Although most investments promise a fixed rate of return, gold is more volatile than others. As a result, its value changes over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. It just means that you need to factor in fluctuations to your overall portfolio.
Another advantage of gold is its tangible nature. Gold is less difficult to store than stocks or bonds. It can also be carried.
You can always access gold as long your place it safe. You don't have to pay storage fees for physical gold.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
A portion of your savings can be invested in something that doesn't go down in value. Gold tends to rise when the stock markets fall.
You can also sell gold anytime you like by investing in it. Just like stocks, you can liquidate your position whenever you need cash. You don't have to wait for retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
Do not buy too much at one time. Start by purchasing a few ounces. Add more as you're able.
Don't expect to be rich overnight. Instead, the goal here is to build enough wealth to not need to rely upon Social Security benefits.
While gold may not be the best investment, it can be a great addition to any retirement plan.
How can you withdraw from an IRA of Precious Metals?
First, determine if you would like to withdraw money directly from an IRA. You should also ensure that you have enough money to cover any fees and penalties associated with withdrawing funds.
An IRA is not the best option if you don't mind paying a penalty for early withdrawal. Instead, open a taxable brokerage. This option is also available if you are willing to pay taxes on the amount you withdraw.
Next, you'll need to figure out how much money you will take out of your IRA. The calculation is influenced by several factors such as your age at withdrawal, the length of time you have owned the account and whether or not you plan to continue contributing to retirement plans.
Once you know what percentage of your total savings you'd like to convert into cash, you'll need to determine which type of IRA you want to use. Traditional IRAs allow for you to withdraw funds without tax when you turn 59 1/2. Roth IRAs, on the other hand, charge income taxes upfront but you can access your earnings later and pay no additional taxes.
Once these calculations have been completed you will need to open an account with a brokerage. Most brokers offer free signup bonuses and other promotions to entice people to open accounts. You can save money by opening an account with a debit card instead of a credit card to avoid paying unnecessary fees.
You will need a safe place to store your coins when you are ready to withdraw from your precious metal IRA. Some storage facilities can accept bullion bar, while others require you buy individual coins. Before choosing one, consider the pros and disadvantages of each.
For example, storing bullion bars requires less space because you aren't dealing with individual coins. However, each coin will need to be counted individually. However, keeping individual coins in a separate place allows you to easily track their values.
Some people prefer to keep their coins in a vault. Others prefer to store them in a safe deposit box. No matter what method you use, it is important to keep your bullion safe so that you can reap its benefits for many more years.
How does gold perform as an investment?
The supply and the demand for gold determine how much gold is worth. It is also affected negatively by interest rates.
Gold prices are volatile due to their limited supply. Physical gold is not always in stock.
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
The History of Gold as an Asset
From the ancient days to the early 20th Century, gold was a common currency. It was accepted worldwide and became popular due to its durability, purity, divisibility, uniformity, scarcity, and beauty. Aside from its inherent value, it could be traded internationally. There was no international standard for measuring gold at that time, so different weights and measures were used around the world. For example, in England, one pound sterling was equal to 24 carats of silver; in France, one livre tournois was equal to 25 carats of gold; in Germany, one mark was equal to 28 carats of gold; etc.
The United States started issuing American coins in the 1860s made of 90% copper and 10% zinc. This caused a drop in foreign currency demand which resulted in an increase of their prices. The price of gold dropped because the United States began to mint large quantities of gold coins. Because the U.S. government had too much money coming into circulation, they needed to find a way to pay off some debt. They decided to return some of the gold they had left to Europe.
Many European countries didn't trust the U.S. dollars and started to accept gold for payment. Many European countries began to use paper money and stopped accepting gold as payment after World War I. The price of gold rose significantly over the years. Even though the price fluctuates, gold is still one of best investments.
By: Jamie Redman
Title: Paxos to Launch Stablecoin on Solana, Expanding USDP Reach in Crypto Market
Sourced From: news.bitcoin.com/paxos-expands-to-solana-following-nydfs-nod-widening-stablecoins-horizon/
Published Date: Fri, 22 Dec 2023 20:30:14 +0000