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According to an announcement on October 16, Paxos has launched the yield-producing stablecoin Wrapped Lift Dollar (wUSDL) on Injective.
Lift Dollar is a new yield-producing stablecoin pegged 1:1 to the US dollar.
UAE-regulated Paxos International, a subsidiary of Paxos, launched Lift Dollar (USDL) in June this year.
It is a stablecoin that provides daily yield to its holders, which is distributed as dividends to users’ wallets.
Yield comes from the stablecoin’s reserve holdings, including short-term U.S. Treasury bills and cash equivalents.
Paxos South America aims to bring these benefits to users in the Injective ecosystem through wUSDL, the wrapped version of USDL. wUSDL allows users to leverage decentralized finance protocols on Injective while earning yield.
These include, but are not limited to, derivatives trading, money markets and credit protocols, as well as 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 into Lift Dollar on Ethereum.
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1/ Regulated financial services firm @Paxos has launched its yield-producing stablecoin Wrapped $USDL on Injective. Users can now trade, lend, and more with wUSDL via Injective’s DeFi protocol suite. blog.injective.com/en/paxos-bring…
6:30 p.m. · Oct 16, 2024 240 Reply Copy link Read 33 replies
As announced on October 9th, Paxos recently expanded USDL to Arbitrum.
Injective’s tokenized market growth
Paxos’ launch of the wUSDL token on the blockchain platform is another milestone in Injective’s growing presence in the tokenized asset market.
Currently, the Layer 1 blockchain ranks in the top 3 in terms of value of tokenized real-world assets.
The Injective Labs team noted that this growth also includes the momentum of BlackRock’s flagship RWA product.
Injective recently introduced the BUIDL Index, the first index to reflect Blackocks BUIDL offering. Notably, the index does not reflect the market price of the fund.
According to rwa.xyz, RWA’s global token value on the blockchain has increased to over $12.98 billion. Tokenized US Treasuries on the blockchain have a total market value of over $2.3 billion, with BlackRock’s BUIDL accounting for approximately $537 million. Ondo Finance’s US dollar yield is approximately $439 million.
Meanwhile, the global stablecoin market, which includes dominant players Tether (USDT) and USDC (USDC), is currently worth over $171 billion.
INJ price according to Paxos news
While the news is positive for the Injective ecosystem, the announcement coincided with a broader market decline that saw Bitcoin pare gains of over $68,000.
Native token INJ was down 3% at around $20.86 at the time of writing, with bulls struggling to break the supply wall at $23.
