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Paxos Launches Yield-Bearing Stablecoin in Argentina in Partnership with Crypto Platforms

Finance Magnates

Cryptocoins News / Finance Magnates 47 Views

Stablecoin issuer Paxos has launched a yield-bearing stablecoin in Argentina. Available through crypto platforms Ripio, Buenbit, Manteca, and Plus Crypto, this new digital asset, dubbed Lift Dollar (USDL), aims to maintain its value to the dollar and offer users an opportunity to earn daily earnings from US government securities and cash equivalent assets.

Powered by Ethereum Smart Contracts

Ronak Daya, the Head of Product of PaxosInternational, said: "Lift Dollar is the first stablecoin designed to benefit token holders. Token holders and distribution partners receive daily yield through an Ethereum smart contract, with all the benefits of a regulated, trusted stablecoin platform."

"Our targeted launch in Argentina will ensure millions of token holders will now have safe access to US dollars that enables them to not only save and transact but also earn daily yield. We are pleased to work with these trusted platforms and look forward to growing our partnerships throughout the year."

According to a statement by Paxos, this yield is derived from a reserve of US government securities and cash equivalents managed under the supervision of the Financial Services Regulatory Authority of Abu Dhabi Global Market. This ensures that USDL is backed 1:1 by US dollars.

Focussing on Financial Inclusion

USDL reportedly uses an Ethereum smart contract to distribute the daily yield directly to token holders without requiring any additional action on their part. The launch of USDL in Argentina is part of Paxos’ effort to enhance financial inclusion in the region through partnerships.

Last year, Paxos secured a preliminary license from the Abu Dhabi Global Market’s Financial Services Regulatory Authority. This approval allows the company to issue USD and other currency-backed stablecoins and offer crypto-brokerage and custody services. Paxos has already made significant strides in securing regulatory approvals, having previously received in-principle approval from Singapore’s Monetary Authority of Singapore.

Paxos’ strategy revolves around leveraging blockchain technology to create a more open and secure financial system. The firm’s stablecoins are backed 1:1 by the US Dollar and cash equivalents.

This article was written by Jared Kirui at www.financemagnates.com.
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