Lift Dollar

Lift Dollar is gone. Paxos International, the Abu Dhabi arm of Paxos regulated by the ADGM's financial-services authority, launched USDL in 2024 as a yield-bearing dollar that rebased daily to pass Treasury interest straight to holders, a structure meant for markets where Paxos could legally share reserve yield. In 2025 the company chose to wind it down: new minting stopped on October 8, daily yield accrual ended December 8, and redemptions to dollars ran through Paxos until that date, with leftover balances above a dollar converted into Paxos's USDP. The token no longer accrues yield or trades as a going concern. Its short life is a useful marker of where yield-bearing stablecoins were allowed to operate at all, and of how quickly an issuer can retire one to redirect effort toward other infrastructure.