The Universal Protocol Alliance (UPA) officially announced that the three tokens – Universal Dollar (UPUSD), the Universal Euro (UPEUR), and the Universal Protocol Token (UPT) have been listed on Bittrex Global, offering a lower fee structure for UPT holders.
It has been reported that the Alliance stated that the UPUSD and the UPEUR stablecoins are collateralized 1:1 with their respective fiat currencies, while UPT is going to offer benefits directly to Alliance members.
However, according to the announcement, these tokens will allow users to access an alternative to existing stablecoin products, many of which are also supported by the UP Platform. They will also offer lower volatility, and provide a special annual rate of returns.
With this listing, UPEUR becomes the first Euro stablecoin to debut in the industry.
This move will also target users residing in countries with high inflation, giving them a way to store their digital assets on a 1:1 basis in licensed banks.
Likewise, Tom Albright, the CEO of Bittrex Global, praised the announcement by stressing that this news is going to help projects like the Universal Dollar and the Universal Euro go mainstream.
“The blockchain industry needs technology that can build trust and transparency, and the platform the Alliance has built should help drive mass utility and adoption.”
It has been analyzed that users looking to generate a return can stake their UPUSD through the CredEarn application in Uphold.
The technology behind the UP platform, as detailed by the Alliance, gives the following attributes to the Universal Dollar:
- Key recovery: Users can recover their funds if they lose their private keys.
- Inheritability: Users can name “beneficiaries” who can call the assets after prolonged account dormancy.
- Detachability: Control over their assets can be delegated to a centralized exchange.
- Dynamic code generation: The Universal Protocol Platform employs smart contracts to generate tokens.
Moreover, JP Thieriot, the co-founder of the Alliance, commented:
“This is the first of many tokenized digital assets we intend to introduce that will facilitate the instant and seamless conversion of different forms of value.”
The Alliance is a coalition of cryptocurrency and blockchain companies that seeks to accelerate the adoption of blockchain as a mainstream financial technology.
Thus, it includes organizations such as Bittrex Global, Cred, Uphold, Blockchain at Berkeley, and CertiK.
Source: cointelegraph.com | Image: thecryptosight.com