In the case of Paxos, whose USDL stablecoin is yield-bearing and rebasing, the situation is especially nuanced.
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Predicate, Paxos, and the policy layer
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US regulators may classify USDL as a money-market fund, which requires Paxos International to geofence access by US users to the stablecoin’s yield-bearing features.
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Paxos International, the Abu Dhabi–based issuer of the yield-bearing, rebasing USDL stablecoin, incorporates AML/CFT controls and geographic restrictions to satisfy regulatory requirements.
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