Paxos, a stablecoin issuer, is expanding its services to the Ethereum Layer 2 blockchain, Arbitrum One. Arbitrum is one of the largest Layer 2 networks, known for its speed, security, and scalability, with over $2.5 billion in total value locked.
Expanding Stablecoin Reach
Paxos has not yet specified which products it will launch on Arbitrum, but the company has previously made its stablecoins available on Ethereum, Polygon, and Solana. Now, with its move to Arbitrum, Paxos aims to enhance its offerings and improve accessibility for decentralized finance (DeFi) users.
Luke Xiao, fintech partnership lead at Offchain Labs, said that Paxos will bring its regulated tokenization platform and stablecoin issuance to the Arbitrum network. This expansion is expected to have a transformative impact on the DeFi space and increase the adoption of stablecoins among both retail and institutional users.
A New Era for Stablecoins
Walter Hessert, head of strategy at Paxos, is optimistic about the future of stablecoins. "In the next three years, stablecoin adoption will skyrocket, and Paxos will play a key role in driving that shift," he said.
The expansion to Arbitrum will allow Paxos to offer faster, more scalable transactions, benefiting the growing number of users interested in DeFi.
Information source: The Block
