Paxos Releases Regulated Stablecoin USDL in the United Arab Emirates
CryptoNewsTerminal Staff05 Jun, 2024
Paxos Releases Regulated Stablecoin USDL in the United Arab Emirates
Paxos, a renowned stablecoin issuer, has introduced USDL (Lift Dollar), a USD-pegged stablecoin designed to generate yield. This stablecoin has been launched in the United Arab Emirates and is regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). USDL is designed to provide a daily programmable yield of approximately 5%, based on US Treasury yields. This makes it an attractive option for investors seeking a stable and yield-generating asset. Paxos' launch of USDL in the UAE is a significant step in expanding the accessibility of regulated and trusted stablecoins in the Middle East. It underscores the growing recognition of stablecoins as a valuable tool for financial inclusion and economic growth.
