Announcing support for USDP

We’re happy to announce that Pax Dollar (USDP) on Solana is now supported for 1:1 swaps alongside USDC and Brale issued stablecoins.

About Pax Dollar

USDP is a regulated stablecoin issued by Paxos that is redeemable one-to-one for U.S. Dollars. After being exclusively available on Ethereum since 2018, USDP was issued on Solana earlier this year to support the growing payments ecosystem on Solana.

USDP is fully backed by cash and cash equivalents.

Solana Token Extensions

USDP is the first stablecoin on Solana to leverage Token Extensions to support compliance controls. USDP leverages the Permanent Delegate extension to allow the ability to clawback funds, preventing access to bad actors. Using Token Extensions, USDP also supports confidential transfers for B2B payments, payroll, and other use cases.

“Token Extensions are powerful new features on Solana that radically expand what’s possible to build on blockchains. They provide issuers with the same security and compliance controls as permissioned blockchains, while reducing engineering time and operating on one of the world’s most popular public blockchains.”

Source: "Token Extensions on Solana", YouTube

Austin Federa

Head of Strategy, Solana Foundation

USDP's approach is a compelling standard for how token extensions can be used by regulated companies to create a safer payments experience on public networks. To learn more about Token Extensions, follow this introduction.

Swap Brale-issued stablecoins with USDP

Mint and redeem SBC, USDGLO, USC, and all Brale supported stablecoins at par on a fully 1:1 basis with USDP and USDC.

We’re excited to support USDP, and through this integration get closer to the vision of seamlessly interoperability between high quality stablecoins and the broader stablecoin ecosystem. Ethereum USDP and additional stablecoins will be supported in the future.