Paxos launches income-generating stablecoin USDL

cryptocurrency trading platform Paxos announced on Wednesday the launch of a yield-generating, US dollar-denominated stablecoin called Lift Dollar (USDL), issued in the United Arab Emirates and regulated by the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA). The USDL is exchanged at a 1:1 ratio with the US dollar, backed by short-term U.S. government bonds, offering users an approximate daily interest rate of 5%. Due to lack of regulatory guidance, USDL will not be able to list in the United States.