Utthita padmasana may also be called tulasana (balance pose) or tolasana (scale pose).
Traditionally, utthita padmasana is believed to open the muladhara (root) chakra, creating a sense of stability, security and grounding. An open muladhara also improves concentration and sets the foundation for activating the other chakras.
Because of the physical balancing this asana requires, it helps to improve the balance between mind and body. It, therefore, is beneficial for relieving anxiety, reducing stress and calming the mind. Utthita padmasana also teaches acceptance and patience.