Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.
Paxos Lift Dollar offers users a programmatic daily rate of around 5%, aligned with returns on U.S. Treasury bonds.Cryptocurrency trading platform Paxos has introduced a yield-generating, USD-denominated stablecoin called the Lift Dollar , regulated in the United Arab Emirates , the company said on Wednesday.
The stablecoin is issued by Paxos International, the firm’s UAE division, and regulated by the Financial Services Regulatory Authority of Abu Dhabi Global Market . The largest stablecoin issuers, such as Tether and Circle, gather billions of dollars worth of interest on the T-Bills they hold, which has led to the creation of severalCEO Charles Cascarilla said the new Lift Dollar is structured the same way as the other stablecoins issued by his firm: PayPal USD , Pax Dollar and Pax Gold . These are matched 1:1 with dollars, backed by short-term U.S.
“We’ve added programmatic daily yield so this looks a little bit more like a savings product than a checking account product, which is maybe the way to think about traditional stablecoins,” Cascarilla said in an interview. “ is going one step further from democratizing access to dollars, to also democratizing the risk-free rate, in the safest manner possible.
“For the launch, we're foregoing the 30 basis points of our asset management fee. So we’re only holding back 20 bips meaning users will get more than 5%,” Daya said in an interview.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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