Lift Dollar (USDL) is a fiat-backed US dollar stablecoin. It has about $9.0M in circulation, ranking #136 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is USDL?
Lift Dollar (USDL) is a fiat-backed US dollar stablecoin. It has about $9.0M in circulation, ranking #136 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: Lift Dollar (USDL) is a US dollar-backed stablecoin with regulatory oversight that distributes yield from its cash and cash equivalent reserves to its holders every day.
USDL supply history
Its peak was $149M in January 2025, and supply is 94% below that high.
Is USDL holding its peg?
There is no live market price for USDL. It is not actively traded on any exchange or DEX we can see, which is common for bank-issued and permissioned stablecoins that are only minted and redeemed directly with the issuer.
Where USDL lives: supply by blockchain
Supply is concentrated: Arbitrum holds 100% of all USDL. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDL is backed
Each USDL is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Minting and redemption: Institutions mint USDL by wiring USD or sending USDC, which Paxos converts and delivers to an Ethereum address; to redeem, they send USDL to Paxos for a USD wire transfer.
USDL risks
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
With $9.0M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDL vs USDT and USDC
Similar fiat-backed stablecoins
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USDL FAQ
What is USDL?
Lift Dollar (USDL) is a fiat-backed US dollar stablecoin. It has about $9.0M in circulation, ranking #136 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What backs USDL?
USDL is a fiat-backed stablecoin. Each USDL is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Which blockchains is USDL on?
USDL is live on 1 blockchain. The largest by supply are Arbitrum ($9.0M).
How much USDL is in circulation?
About $9.0M of USDL was in circulation at the last update. That makes it the #136 stablecoin by supply among those we track.
Is USDL safe?
No stablecoin is risk-free. As a fiat-backed design, USDL's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. Its supply is small, so liquidity can be thin. It currently shows "no market price" on our peg monitor. This page is information, not investment advice.