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Binance exchange’s stablecoin Binance USD (BUSD) issuer Paxos has taken a significant step today. According to the recent announcement, the company’s UAE branch, Paxos International, has launched a yield-generating stablecoin called Lift Dollar today. Moreover, they did this in compliance with laws and regulations.
Stablecoin Breaking News
Paxos announced its latest move today through its regulated entity under the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA). Paxos International not only launched USDL but will also collaborate with exchanges and wallet service providers to expand its usage.
The most important part of the announcement is the yield section, which states;
“USDL is unique in the market because users earn overnight yield from short-term, high-quality liquid US government securities and cash-equivalent reserve assets held under FSRA’s safe custody requirements. USDL is issued permissionlessly on Ethereum and pays yield to token holders daily on a scheduled basis, based on the total value of circulating USDL being fully backed by reserve assets. USDL signifies a major innovation in democratizing overnight yield by shifting interest earned from stablecoin reserve assets directly from the central issuer to the appropriate end holders.”
