United Arab Emirates-based Paxos International has launched Lift Dollar (USDL), a yield-generating stablecoin, and has chosen Argentina as its first market.

“USDL is issued permission-free on Ethereum and provides returns to token holders programmatically on a daily basis, subject to reserve assets that fully support the total value of USDL in circulation,” Paxos International said in a statement on Wednesday.

USDL is backed one-to-one by the US dollar, contains “only the highest quality liquid assets”, including US dollar deposits, short-term US Treasury bills and cash equivalents, and is regulated by the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA). ) is regulated by Paxos International, he said.

With USDL, users can earn a “truly risk-free” return, Charles “Chad” Cascarilla, a board member of Paxos International and co-founder and CEO of Paxos, said in an interview with The Block. He noted that Paxos International is a “public entity” that only issues stablecoins, and said, “If something happens to Paxos, the assets will not be part of any bankruptcy process. They will be returned to investors immediately.”

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