Paxos Launches Yield-Bearing Lift Dollar (USDL) with 5% Annual Yield, Daily Returns Under Regulatory Oversight

Jun 5, 2024, 06:42 PM

Paxos International, a blockchain infrastructure firm based in New York, has launched a new yield-bearing stablecoin called Lift Dollar (USDL). The stablecoin offers holders an annual yield of approximately 5%, with yields paid daily on a rebase basis. USDL is regulated out of the United Arab Emirates and is pegged to the US dollar. The stablecoin aims to democratize access to US dollars and safe yield generated from cash and cash equivalent assets. It is integrated with PayPal’s PYUSD stablecoin and Hashnote’s yield-bearing USYC token to enhance liquidity and yield generation in the crypto market. USDL will initially be available in Argentina through crypto platforms Ripio, Buenbit, and TiendaCrypto. USDL is built on Ethereum and is the first stablecoin to offer daily yield under full regulatory oversight.