Paxos Unveils Yield-Generating Stablecoin Lift Dollar
Cryptocurrency trading platform Paxos has launched a yield-generating, USD-denominated stablecoin called the Lift Dollar (USDL), regulated in the United Arab Emirates. The stablecoin is issued by Paxos International, the firm’s UAE division, and regulated by the Financial Services Regulatory Authority of Abu Dhabi Global Market. The Lift Dollar is structured similarly to other stablecoins issued by Paxos, such as PayPal USD, Pax Dollar, and Pax Gold. It is matched 1:1 with dollars, backed by short-term U.S. government securities, and overseen by a prudential regulator. The USDL will not be available in the U.S. due to regulatory issues. Initially, USDL will be focused on Argentina, where it will be available to consumers via distribution partners Ripio, Buenbit and TiendaCrypto.
