Paxos International Launches Yield-Bearing Stablecoin on Arbitrum
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Paxos International, a UAE-based affiliate of Paxos, announced that the yield-bearing stablecoin issued by a regulated entity – Lift Dollar (USDL) – is now available on the popular Layer 2 chain Arbitrum.
According to the press release shared with Cryptonews, the USDL expansion onto the Ethereum scaling solution Arbitrum unlocks “safe yield and cost-effective, fast transactions for a robust gaming, social, and DeFi ecosystem.”
This launch represents a significant moment in the future of DeFi, as it allows users and developers within the Arbitrum network to unlock the benefits of a stablecoin that natively distributes yield.
Ronak Daya, Head of Product at Paxos, said that “by expanding to Arbitrum, we’re offering Ethereum-level security with faster, cheaper transactions.”
A.J. Warner, Chief Strategy Officer at Offchain Labs, the team behind Arbitrum, commented that USDL is the latest to join the stablecoins available on the network.
Also, this asset class continues to grow, and Arbitrum’s DeFi-native environment relies upon it “heavily.”
Warner said that adding a regulated, yield-bearing stablecoin to Arbitrum allows “ecosystem innovators to build the next generation of applications and use cases” and drives “a new standard of DeFi on the network.”
Notably, this stablecoin is not available to residents of several large jurisdictions.
These include the United States, the United Kingdom, the European Union, Canada, Hong Kong, Japan, Singapore, and the United Arab Emirates, except the Abu Dhabi Global Market (ADGM).
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