Paxos International has launched Lift Dollar (USDL), a yield-generating stablecoin that uses Ethereum smart contracts to distribute yields generated from its reserves to eligible wallet addresses daily, currently around 5%.
USDL earnings will be automatically distributed to wallets
Paxos International, the UAE-based subsidiary of Paxos, has announced the launch of a yield-generating stablecoin – Lift Dollar (USDL). USDL is issued by Paxos International, a regulated entity under the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), and will be available to consumers in eligible global markets. Paxos International will work with global exchanges, wallets and platforms to distribute USDL to individuals and institutions.
Holders can earn overnight income on short-term, high-quality liquid U.S. government securities and cash equivalent reserve assets held subject to FSRA security and custody requirements. This reserve structure is similar to other USD stablecoins issued by Paxos and is backed by value 1:1. USDL is issued on Ethereum and uses Ethereum smart contracts to distribute earnings generated from its reserves to eligible wallet addresses on a daily basis without any additional steps for token holders.
USDL is not available to residents of certain jurisdictions, including the United States and the United Arab Emirates (excluding Abu Dhabi International Financial Center), the United Kingdom, the European Union, Canada, Hong Kong, Japan, and Singapore.
Paxos focuses on stablecoin issuance
Paxos is a blockchain infrastructure platform focused on issuing stablecoins. Its digital assets include those regulated by the New York Department of Financial Services.
PayPal USD (PYUSD): Issued exclusively for payment provider PayPal, with a current market capitalization of nearly $400 million
Pax Dollar (USDP): Current market cap $145 million
Pax Gold (PAXG): Tokenized gold, each PAXG is backed by one troy ounce of gold, current market cap is approximately $430 million
Paxos’ USD stablecoin is backed by U.S. dollar deposits, short-term U.S. Treasuries, and cash equivalents, with an attestation report issued monthly by an independent third-party accounting firm.
However, in terms of issuance, the current total market value of stablecoins is as high as 162 billion U.S. dollars. PAXG, the largest issuance of Paxos, only ranks 10th, while PYUSD ranks 12th.
Source: CoinGecko
Will Paxos break the tradition of issuing profitable stablecoins this time and bring it more market share and popularity?
This article Paxos issues a profitable stablecoin USDL, and reserve earnings will be automatically distributed to wallets daily. First appeared on Chain News ABMedia.
