In a significant move towards enhancing global financial systems, Paxos has announced its integration with the Stellar network, as revealed at the Meridian 2024 conference in London. This collaboration aims to expand Paxos’ tokenization platform to the Stellar blockchain, known for its open-source capabilities in payment and remittance applications.
The integration is set to facilitate the institutional adoption of stablecoins, which are crucial for the widespread use and utility of digital dollars. Paxos CEO and Co-Founder Charles Cascarilla emphasized the transformative potential of this partnership, stating, “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.”
Denelle Dixon, CEO of the Stellar Development Foundation, echoed this sentiment, highlighting the benefits Paxos brings to the Stellar ecosystem. “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,” Dixon remarked. The Stellar network is celebrated for its speed, low-cost, and robust features, making it a leader in tokenization.
Paxos’ highly regulated approach ensures compliance with financial regulations across different regions, providing a trustworthy platform for enterprises and institutions. This collaboration is expected to bring assets to the Stellar network by late 2024, furthering the adoption of tokenized assets globally.
For more details on this collaboration, visit the official announcement here.
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