Key Takeaways:
- Paxos launches a yield-generating stablecoin, Lift Dollar (USDL), regulated by FSRA of ADGM in the UAE, offering a 5% daily yield.
- USDL targets markets outside the U.S., initially focusing on Argentina, partnering with Ripio, Buenbit, and TiendaCrypto.
- Paxos waives 30 basis points of its asset management fee to provide over 5% yield, positioning USDL as a savings product.
Paxos has launched a new yield-generating stablecoin called Lift Dollar (USDL), regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and issued in the UAE.
The stablecoin offers a programmatic daily yield of around 5%, comparable to returns on U.S. Treasury bonds.
Congratulations to the entire team on the launch of this transformative product. You can learn more about it here: https://t.co/XofC7WuSNz
— Paxos (@Paxos) June 5, 2024
USDL is designed to democratize access to dollars and the risk-free rate safely, similar to other Paxos stablecoins like PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG).
CEO Charles Cascarilla emphasized that USDL operates like a savings product rather than a checking account.
New York-based blockchain infrastructure firm Paxos unveiled a new stablecoin that will pay holders a yield of roughly 5% a year https://t.co/IZkLzONFDj
— Bloomberg Crypto (@crypto) June 5, 2024
It will not be available in the U.S. due to regulatory challenges.
Initially, USDL will target the Argentine market, with distribution through partners Ripio, Buenbit, and TiendaCrypto.
🤝 @Paxos and @Hashnote_Labs have launched a new yield-bearing stablecoin called Lift Dollar ( $USDL ).
— Satoshi Club (@esatoshiclub) June 5, 2024
This collaboration integrates #PayPal’s $PYUSD stablecoin with Hashnote’s yield-bearing $USYC token, aiming to enhance liquidity and yield generation in crypto. pic.twitter.com/ySqEzTE47S
To attract users, Paxos is waiving 30 basis points of its asset management fee, offering over 5% yield to users.
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