Paxos Launches Yield-Bearing Stablecoin on Injective

According to an announcement on October 16, Paxos has launched the yield-bearing Wrapped Lift Dollar (wUSDL) stablecoin on Injective. Lift Dollar is a new yield-bearing stablecoin pegged 1:1 to the US dollar. UAE-regulated Paxos International, a subsidiary of Paxos, launched Lift Dollar (USDL) in June of this year. It is a stablecoin that provides daily returns to its holders, which are distributed as dividends to users‘ wallets. The returns come from the stablecoin’s reserve assets, including short-term US Treasury bills and their cash equivalents.

Paxos South America aims to bring these benefits to users of the Injective ecosystem through wUSDL, a wrapped version of USDL. wUSDL allows users to use decentralized finance protocols on Injective while earning returns. These include derivatives trading, money markets and lending protocols, and other decentralized applications.

Such platforms include decentralized exchanges Helix and Astroport, as well as liquid staking platform Hydro Protocol. Notably, this deployment on Injective also allows users to convert their wUSDL back to Lift Dollar on Ethereum. Paxos‘ launch of the wUSDL token on the blockchain platform is another milestone in Injective’s growing presence in the tokenized asset market. The Layer 1 blockchain is currently in the top three in terms of tokenized real-world asset value.

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