Stablecoin issuer Paxos has reportedly downsized its workforce by 20%, letting go of 65 employees, according to an internal email cited by Bloomberg. CEO Charles Cascarilla stated that the move will enable Paxos to capitalize on future opportunities in the tokenization and stablecoin sectors, as the company plans to phase out some services to focus on these areas. Despite the layoffs, Paxos remains in a solid financial position with over $500 million on its balance sheet.

In related news, Paxos' United Arab Emirates branch recently launched a yield-bearing stablecoin, the Lift Dollar (USDL), designed to pay daily yields from its reserves to eligible wallet addresses. This development, coupled with the company's refocus on tokenization and stablecoins, signals a promising future for Paxos in the DeFi and BRC 20 sectors.