Paxos International, a UAE-based entity of Paxos, has launched a yield-bearing stablecoin called Lift dollar (USDL), with Argentina as its first market.

"USDL is issued permissionlessly on Ethereum and pays yield programmatically on a daily basis to token holders, subject to the reserve assets fully backing the total value of USDL in circulation," Paxos International said Wednesday.

USDL is one-to-one backed with the U.S. dollar, holds "only the highest-quality liquid assets" such as U.S. dollar deposits, short-duration U.S. treasuries, and cash equivalents, and is regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), Paxos International said.

With USDL, users can earn "really the risk-free" return, Charles "Chad" Cascarilla, member of the …