Solana: Paxos and GMO Trust have deployed the application "Token Extensions" for issuing stablecoins according to standard protocols

The Solana Foundation previously announced the launch of a new standard for its network SPL tokens, "Token Extensions". Solana stated that crypto service company Paxos and stablecoin issuer GMO Trust have already adopted Solana's Token Extensions to issue stablecoins. Paxos released an announcement revealing that it has used standards such as permanent authorization, Metadata pointers, and transfer Hooks to build their USDP stablecoin; GMO Trust also stated that they launched the first regulated yen stablecoin on the Solana network and their own dollar stablecoin using permanent authorization, default account status, and Metadata pointers. Currently Phantom, Solflare, Fluxbeam all support Token Extensions. It is reported that this standard not only builds more advanced stablecoins but is also applicable for game asset upgrades, RWA asset issuance and governance among other things.