Paxos International has launched Lift dollar (USDL), a yield-bearing stablecoin. Argentina is its first market.
Paxos International, a UAE-based entity of Paxos, has launched a yield-bearing stablecoin called Lift dollar , with Argentina as its first market.
USDL is one-to-one backed with the U.S. dollar, holds "only the highest-quality liquid assets" such as U.S. dollar deposits, short-duration U.S. treasuries, and cash equivalents, and is regulated by the Financial Services Regulatory Authority of Abu Dhabi Global Market , Paxos International said. Users can currently earn about 5% yield on USDL, close to the current effective federal funds rate or EFFR, Ronak Daya, head of product at Paxos, told The Block in the interview. Paxos International uses the rebasing technique to distribute yield, and Daya said users' USDL holdings will increase daily with the yield.
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