The Paxos CEO announced the company’s focus on tokenization and stablecoins, highlighting their strong financial position with over $500 million on the balance sheet. The company’s headcount has been reduced to between 200-300, according to a source familiar with the details. Paxos’ CEO, Cascarilla, expressed concerns about the high-risk and opaque nature of existing options for token holders to earn yield on stablecoins. He positioned USDL as a regulated product that offers safe yield on a daily basis, distinguishing it from other options in the market.
The launch of Lift Dollar will involve Paxos International partnering with global crypto exchanges, wallets, and platforms to deliver daily yield to user wallets. These entities will be responsible for the distribution of USDL to both individuals and institutions. Currently, USDL is available to users in Argentina through various platforms such as Ripio, Buenbit, Manteca, and Plus Crypto. In February, the firm adopted Chainlink’s PayPal USD price feed as part of its strategy to accelerate its entry into the tokenized real-world assets (RWAs) market.