CandleFocus Paxos launches yield-bearing stablecoin on Injective network
2024-10-16
Author: Content Editor
Financial services company Paxos has launched its yield-bearing stablecoin, wrapped Lift Dollar (wUSDL), on the Injective platform. The stablecoin, which is pegged 1:1 to the US dollar, was originally launched by Paxos International in June. Holders of wUSDL can earn daily yield, distributed as dividends to their wallets, through the stablecoin's reserve holdings in US Treasury bills and cash equivalents. By bringing wUSDL to Injective, users can access decentralized finance protocols, including derivatives trading, money markets, and lending, among others. Additionally, users can unwrap their wUSDL back to Lift Dollar on Ethereum. This move by Paxos marks another step in Injective's growing presence in the market for tokenized assets.
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