Paxos Announces Lift Dollar Stablecoin

Paxos International, a company based in the UAE under Paxos, has introduced a new stablecoin called Lift dollar (USDL), which offers a yield to users. The stablecoin’s first market will be in Argentina.

According to Paxos International, USDL is created on the Ethereum blockchain and distributes a yield daily to token holders, based on the total amount of USDL in circulation and the reserve assets backing it up. It is backed one-to-one with the US dollar and holds high-quality, liquid assets including US dollar deposits, short-term US treasuries, and cash equivalents.

Additionally, USDL is regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).

In an interview with The Block, Charles “Chad” Cascarilla, board member of Paxos International and co-founder and CEO of Paxos, highlighted that USDL provides a “truly risk-free” return for users.