Paxos International Announces Launch of Lift Dollar (USDL) to Arbitrum, Delivering Secure Yield and Cost-Effective Fast Trading for Robust Gaming, Social, and DeFi Ecosystems
Abu Dhabi, United Arab Emirates – October 9, 2024 – Paxos International, the UAE-based affiliate of Paxos, today announced that Lift Dollar (USDL), a high-yield stablecoin issued by a regulated entity, will be released on Arbitrum. announced that it is now available. Extending USDL to Arbitrum enables cost-effective and fast transactions within a robust gaming, social, and DeFi ecosystem.
Lift Dollar (USDL) is a regulated, USD-backed stablecoin that distributes yield from cash and cash equivalent reserves to holders on a daily basis. This launch represents a key moment in the future of DeFi, as users and developers within the Arbitrum network can unlock the benefits of a natively yield-distributing stablecoin.
Ronak Daya, head of product at Paxos, commented: “USDL combines the stability of the US dollar with the efficiency of blockchain to democratize access to secure yield. By extending to Arbitrum, we offer Ethereum-level security with faster and cheaper transactions. We are excited to unlock new potential for the Arbitrum community with Lift Dollar.”
AJ Warner, Chief Strategy Officer at Offchain Labs, said: “Adding a stablecoin that delivers regulated yield to the Arbitrum network will enable innovators in the ecosystem to build the next generation of applications and use cases. USDL is the latest addition to that group on the network. It will be interesting to see how this addition continues to drive new standards for DeFi on the network. I’m looking forward to it.”
USDL allows eligible users direct access to both the U.S. dollar and yields from non-U.S. cash equivalent assets. 1 USDL is always worth 1 US dollar. User balances in USDL increase daily within the wallet to reflect the daily yield distribution. Yield from USDL is derived only from US Treasuries and other cash equivalent assets. These short-term, highly liquid reserve assets are held in segregated accounts under the safeguards, custody requirements and prudential oversight of ADGM’s Financial Services Regulatory Authority.
lift dollar. The future is looking up.
USDL is a statutory reference token issued by Paxos International, which is regulated by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). With USDL, Paxos will encourage broader stablecoin adoption and industry expansion with new models where holders directly benefit from the yield earned on their reserves. FSRA is known for its robust regulatory framework and commitment to fostering innovation in financial services. Under the FSRA license, Paxos International is required to hold only high quality liquid assets (US dollar deposits, short-term US Treasuries and cash equivalents) backing the USDL. Paxos International must maintain 1:1 parity between USDL and the US dollar, and eligible onboarding customers can redeem USDL for fiat currency at any time at Paxos International.
Note: This announcement is not intended for publication or distribution, directly or indirectly, within or outside the United States (including its territories and possessions, the states of the United States, and the District of Columbia). This announcement does not constitute an offer to sell any securities in the United States. The digital assets referenced herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States except pursuant to an applicable registration exemption. you can’t. There are no public offerings of securities in the United States. USDL is not available to residents of certain jurisdictions, including ADGM, the United Kingdom, the European Union, Canada, Hong Kong, Japan, the United States (excluding Singapore), and the United Arab Emirates.
About Paxos
Paxos is a leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation of a new, open financial system that can operate faster and more efficiently. Currently, trillions of dollars are locked up in inefficient and outdated financial plumbing, inaccessible to millions of people. Paxos is replatforming the financial system so that assets can be moved instantly, anytime, anywhere in the world, reliably.
Paxos partners with leading global companies to tokenize, store, trade, and settle their assets. The company’s blockchain solutions are used by leading companies such as PayPal, Interactive Brokers, Mastercard, Mercado Libre, and Nubank. It is the issuer of numerous regulated digital assets, including PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG). Its affiliate Paxos International issues the yield-regulated stablecoin Lift Dollar (USDL). Carefully regulated by NYDFS in the US, MAS in Singapore and FSRA in Abu Dhabi Global Market, Paxos has received over $540 million from leading investors including Oak HC/FT, Declaration Partners and Founders Fund. A fintech company that has raised top-class funding. , Mithril Capital and PayPal Ventures.
Contact: (email protected)