Paxos International is launching the Lift Dollar (USDL), an interest-bearing stablecoin regulated by the Abu Dhabi Global Market.
The international arm of New York-based Paxos will issue a U.S. dollar-pegged stablecoin that will not be available in the United States.
Paxos International is issuing an interest-bearing stablecoin called the Lift Dollar . The USDL will be regulated in the Abu Dhabi Global Market and pay overnight yield on the interest Paxos International earns on the reserves backing it. The USDL will be backed 1:1 by liquid U.S. government securities and cash equivalent reserve assets held in accordance with the requirements of the ADGM’s Financial Services Regulatory Authority. Rather than earning interest on those reserves, Paxos International will charge an issuer fee for the token.An Ethereum smart contract will use a mechanism called rebasing to distribute yield on the USDL automatically based on market conditions.
“The digital assets referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended and may not be offered or sold in the US, except pursuant to an applicable exemption from registration.”), Pax Dollar and Pax Gold under regulation by the New York Department of Financial Services . It also minted the Binance USD until the NYDFS and United States Securities and Exchange Commissionup offices there.
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