BCGAME - Free 5BTC Daily Bonus!Paxos, a renowned cryptocurrency trading platform, recently announced the launch of a new stablecoin called Lift Dollar (USDL), with the peculiarity of generating income. This innovation comes under the regulation of the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) in the UAE, positioning Paxos International as the official issuer.
This new stablecoin enters the market as an attractive alternative for investors, guaranteed by short-term US government bonds and insured against insolvency risks. According to Charles Cascarilla, CEO of Paxos, USDL is comparable to PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG), with a 1:1 ratio with the US dollar.
“We added programmatic daily yield so it feels a little more like a savings product than a checking account product, which is perhaps the way to think about traditional stablecoins,” Cascarilla said. The unique structure of the USDL offers a democratization of both access to dollars and the risk-free rate in a safe and regulated manner.
Today, Paxos International announced the launch of Lift Dollar ($USDL) – a yield-bearing stablecoin that democratizes access to US dollars and secure yield generated from cash and cash equivalent assets. Now, you can seamlessly spend, save and trade, all while earning yield.
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— Paxos (@Paxos) June 5, 2024
Despite its promise, Paxos USDL will not be available in the United States, where regulation is still a barrier. However, the stablecoin will be launched with a focus on Argentina, accessible through distribution partners Ripio, Buenbit and TiendaCrypto.
During the launch, a fee reduction policy was announced, which is an additional incentive for early investors. “For the launch, we are waiving the 30 basis points (bps) of our asset management fee. Therefore, we are only retaining 20 beeps, which means users will receive more than 5%”, explained Daya, one of the Paxos executives.
