According to an October 16 announcement, Paxos launched Lift Dollar (wUSDL), a stablecoin that is wrapped in a yield-bearing currency.
The Lift Dollar stablecoin is pegged at 1:1 with the US dollar.
In June of this year, Paxos International (a Paxos affiliate) launched Lift Dollar USDL, regulated by the United Arab Emirates.
This stablecoin is designed to provide daily dividends for holders. These are distributed to users as cash.
Stablecoin reserves include short-term US Treasury Bills and Cash Equivalents.
Paxos South America is looking to provide these benefits via wUSDL (the wrapped version of USDL) to Injective users. Users can earn wUSDL and tap into Injective’s decentralized finance protocol.
Other decentralized applications include the derivatives market, lending protocols, and money markets.
These platforms include Helix, Astroport and Hydro Protocol.
This deployment allows you to convert your wUSDL to Lift Dollar, on Ethereum.
Wrapped $USDL, a stablecoin that pays a yield to the @Paxos financial services firm has been launched on Injective. Users are now able to trade, lend, and do more using wUSDL on Injective’s DeFi protocol suite. blog.injective.com/en/paxos-bring…
Paxos has recently announced that it will be expanding USDL to Arbitrum.
Injective’s tokenized market growth
Injective, which has been growing in its presence on the tokenized asset market for some time now, is proud to announce that Paxos launched the wUSDL token via the Blockchain platform.
At present, layer-1 is ranked among the top 3 blockchains in terms of the value of tokenized assets.
Injective Labs noted this growth included traction for BlackRock’s flagship RWA.
Injective has recently launched the BUIDL index, which is the first ever index that tracks the supply of Blackock BUIDL. The index is notable for not tracking the market value of the fund.
According to rwa.xyz the total value of RWA tokenized on-chain is now over $12.98 Billion. The tokenized US Treasury on-chain has a market value totaling over $2.3 billion. BlackRock BUIDL accounts for approximately $537 millions. Ondo Finance’s US Dollar yield is approximately $439 million.
The global stablecoins market is worth more than $171 billion, including the two dominant players Tether and USDC.
INJ price after Paxos news
The news was positive for Injective, but it coincided with the broader market decline that saw Bitcoin’s gains drop from $68k.
The native token INJ fell 3% at the time this article was written, to about $20.86. Bulls are battling to break the supply wall around $23.
The post Paxos launches stablecoin with yield on the Injective Network may change as new information becomes available.
