Today’s financial infrastructure is archaic, expensive, inefficient, and risky– supporting a system that leaves out more people than it lets in. Stablecoins can transform the financial landscape, but we need easy ways for people to access this new technology.
USDP, Paxos’ leading regulated stablecoin backed 100% by cash and cash equivalents, is the inaugural stablecoin available in Facebook’s pilot of the Novi digital wallet launched today. This news represents a tide shift in digital assets, as it’s the first time that stablecoins are readily available in a consumer wallet outside of the crypto ecosystem.
Novi pilot customers can get USDP and know they hold the safest digital dollars. We’re proud to power a crucial piece of financial market infrastructure bridging traditional and digital economies. Stablecoins can revolutionize consumer finance and open access to critical financial services, but to date they’ve existed primarily in crypto markets. USDP is the regulated stablecoin issued by Paxos Trust Company that is and always will be 100% backed by US dollars and cash equivalents.
Paxos has paved the way in crypto by building regulated solutions within established frameworks. By seeking the highest forms of regulation and compliance, Paxos has embedded integrity within every product and client touchpoint. As digital assets move into a phase of everyday consumer adoption, our commitment to regulated financial market infrastructure has appealed to global enterprises seeking the safest options for their users. USDP was selected as the premier stablecoin partner for Facebook and Novi because of Paxos’ regulation-first strategy.
This pilot is an important step towards making USDP more accessible to more people. As more people become acquainted with the possibilities of blockchain technology, Paxos will continue to provide regulated and safe products everyone can trust. If you’re an enterprise looking to add USDP or your own regulated, custom-branded stablecoin to your product offering, get in touch.