Paxos Introduces New Stablecoin Lift Dollar

◾ Cryptocurrency trading platform Paxos has launched a new stablecoin, USDL, which is denominated in US dollars and regulated in the UAE. It offers a daily yield of around 5%, comparable to the yield on US Treasury bonds.

◾ USDL is backed by short-term US government securities and is regulated by the Financial Services Regulatory Authority (FSRA) of ADGM.

◾ The platform allows users to store dollars in various regions, excluding the US, and takes into account the specific needs of the Argentine market. Additionally, the asset management fee has been reduced by 30 basis points to ensure higher returns for users.