• Home
  • Cryptocurrency
  • Blockchain
  • Analysis
  • News
    • Regulations Security
    • Getting Started
  • Insights
    • Opinion
    • Expert Interview
  • All Posts
Facebook X (Twitter) Instagram
Trending
  • KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack
  • Hashkey Targets XRP ETF in Asia with New Fund Supported by Ripple
  • Sygnum Predicts Potential Altcoin Rally in Q2 2025 Due to Enhanced Regulations
  • Media Tycoon Files Counterclaim Against Justin Sun in $78 Million Sculpture Dispute
  • Yemenis are embracing DeFi in response to US sanctions on the Houthi group
  • Saylor and ETF Investors’ ‘Stronger Hands’ Contribute to Bitcoin Stabilization — Analyst
  • Bitcoin Dip Buyers Show Interest at BTC Range Lows, Yet Remain Risk-Averse Until $90K Establishes Support
  • Kyrgyzstan’s President Enacts CBDC Legislation Granting Legal Status to ‘Digital Som’
Facebook X (Twitter) Instagram
CoinovelCoinovel
  • Home
  • Cryptocurrency
  • Blockchain
  • Analysis
  • News
    • Regulations Security
    • Getting Started
  • Insights
    • Opinion
    • Expert Interview
  • All Posts
CoinovelCoinovel
Home » Paxos International set to launch a regulated stablecoin with interest payments
Paxos International set to launch a regulated stablecoin with interest payments
Paxos International set to launch a regulated stablecoin with interest payments

Paxos International set to launch a regulated stablecoin with interest payments

0
By admin on 2024-06-05 Regulations Security

Paxos International is set to launch a new stablecoin known as the Lift Dollar (USDL), which will accrue interest. This stablecoin will be overseen by the Abu Dhabi Global Market (ADGM) and will generate overnight yield based on the interest earned by Paxos International on the assets that secure it.

The USDL will be fully backed by liquid U.S. government securities and cash equivalents in accordance with the regulations of the ADGM’s Financial Services Regulatory Authority. Rather than earning interest on these reserves, Paxos International will charge a fee for issuing the token.

In a separate announcement, Paxos revealed that the USDL will be made accessible in Argentina through various distributors including Ripio, Buenbit, Manteca, and Plus Crypto. Paxos asserts that the USDL is the first of its kind in the market, offering interest-bearing stability while being fully regulated.

A smart contract on the Ethereum platform will utilize a mechanism called rebasing to automatically distribute yield on the USDL depending on market conditions. Reports suggest that the yield could reach around 5%. Paxos International stated that the USDL is the initial interest-bearing stablecoin that is regulated. Additionally, holders of stablecoins have the opportunity to earn interest through staking, restaking, and yield farming.

USDL will not be accessible to individuals residing in the United States, the United Arab Emirates outside the ADGM, the United Kingdom, the European Union, Canada, Hong Kong, Japan, or Singapore. Paxos International clarified that they produce PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG) under the supervision of the New York Department of Financial Services (NYDFS). They had also issued Binance USD (BUSD) until facing potential legal action from the NYDFS and the United States Securities and Exchange Commission for offering an unregistered security.

The ADGM, established as a free economic zone within Abu Dhabi in 2013, has been experiencing rapid growth. It introduced extensive regulations for distributed ledger technology (DLT) in November and partnered with Solana to advance DLT technology in February. Various companies such as Chainalysis and Blockdaemon have established offices in the ADGM. Digital asset firms like Rain, M2, Laser Digital, Binance FZE, and QCE Capital have received licenses to operate within the ADGM over the past year.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack

Media Tycoon Files Counterclaim Against Justin Sun in $78 Million Sculpture Dispute

Saylor and ETF Investors’ ‘Stronger Hands’ Contribute to Bitcoin Stabilization — Analyst

  • Popular
  • Latest
  • Hot comments
2022-02-23 Getting Started

Cryptopedia: Unveiling the Metaverse’s Potential to Revolutionize the Internet

2022-03-07 Getting Started

Unveiling Cryptopedia: Grasp the fundamentals of DAOs and their operational mechanisms

2022-03-25 Getting Started

Cryptopedia: Explore Web3 and its goal to revolutionize internet services

2025-04-18 Regulations Security

KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack

2025-04-18 Cryptocurrency

Hashkey Targets XRP ETF in Asia with New Fund Supported by Ripple

2025-04-18 Cryptocurrency

Sygnum Predicts Potential Altcoin Rally in Q2 2025 Due to Enhanced Regulations

Latest Gallery

Latest Recommendations
2025-04-18 Regulations Security

KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack

2025-04-18 Cryptocurrency

Hashkey Targets XRP ETF in Asia with New Fund Supported by Ripple

2025-04-18 Cryptocurrency

Sygnum Predicts Potential Altcoin Rally in Q2 2025 Due to Enhanced Regulations

2025-04-18 Regulations Security

Media Tycoon Files Counterclaim Against Justin Sun in $78 Million Sculpture Dispute

2025-04-18 Blockchain

Yemenis are embracing DeFi in response to US sanctions on the Houthi group

2025-04-18 Regulations Security

Saylor and ETF Investors’ ‘Stronger Hands’ Contribute to Bitcoin Stabilization — Analyst

2025-04-18 Cryptocurrency

Bitcoin Dip Buyers Show Interest at BTC Range Lows, Yet Remain Risk-Averse Until $90K Establishes Support

2025-04-18 News

Kyrgyzstan’s President Enacts CBDC Legislation Granting Legal Status to ‘Digital Som’

2025-04-17 Blockchain

Polygon’s Nailwal: The Jio Partnership Will Propel Real-World Web3 Adoption for 450 Million Users

2025-04-17 Blockchain

Babylon’s Total Value Locked Decreases by 32% as Wallets Unstake $1.2B in Bitcoin

2025-04-17 Regulations Security

OpenAI pursued a deal with Anysphere prior to shifting its focus to WindSurf

2025-04-17 Analysis

Bitcoin Gold’s Imitation Strategy Could Surpass $150K as BTC Remains ‘Remarkable’

2025-04-17 Cryptocurrency

AI Tokens and Memecoins Dominate Cryptocurrency Narratives in Q1 2025: CoinGecko

2025-04-17 Cryptocurrency

Four Reasons Why the Price of Bitcoin Could Surge to $90,000 in April

2025-04-17 News

Trump Criticizes Powell for Delaying Interest Rate Cuts, Calling It ‘Too Late’

2025-04-17 News

Wyoming Commission Considers Whether Stablecoin Falls Under SEC Regulations

About
About

Coinovel is an enthralling novel of cryptocurrencies. Engage with narratives, delve into stories, and journey through the captivating world of digital currencies.

X (Twitter) Telegram
Popular posts
2022-02-23 Getting Started

Cryptopedia: Unveiling the Metaverse’s Potential to Revolutionize the Internet

2022-03-07 Getting Started

Unveiling Cryptopedia: Grasp the fundamentals of DAOs and their operational mechanisms

2022-03-25 Getting Started

Cryptopedia: Explore Web3 and its goal to revolutionize internet services

Copyright © 2025 coinovel. All rights reserved.
  • Home
  • Cryptocurrency
  • Blockchain
  • Regulations Security
  • Analysis
  • Insights
  • News
  • Getting Started

Type above and press Enter to search. Press Esc to cancel.