USDP is now the default stablecoin on the Sling Money app! 🎉 The team at Paxos is excited to partner with our friends at Sling to offer their users a regulated, transparent and secure stablecoin like USDP.
We’re switching Sling’s default stablecoin to USDP. The next time you open Sling you’ll be prompted to switch the stablecoin in your wallet from USDC to USDP. This won’t really impact users at all, but it’s a huge milestone for Sling. USDP is a US Dollar Stablecoin issued by the Paxos Trust Company in the United States. Paxos and USDP are regulated by the New York Department of Financial Services (NYDFS) and USDP is fully backed 1:1. This switch is part of a broader partnership between Sling and Paxos which we believe is an important part of setting Sling up for global expansion. We are absolutely thrilled to be working with Paxos and we’re excited for all of the ways that our partnership will help us grow Sling globally. Over time we plan to add more stablecoins to Sling, with a primary focus on covering the currencies of the G7 countries. We believe that the product experience here will be to allow users to choose what stablecoin their wallet balance is stored in and that we will provide seamless on-chain swaps when sending between Sling wallets stored in different stablecoins. We’re actively working on adding additional G7 stablecoins and hope to have more to announce in that regard shortly. In the meantime, please join me in celebrating this really important partnership with the wonderful folks at Paxos 🎉
