Uphold Launches Stablecoin Center
Uphold Launches Stablecoin Center
April 28, 2020
Uphold Launches Stablecoin Center
Uphold Launches Stablecoin Center
April 28, 2020

Uphold, a digital money platform, has launched a new Stablecoin Center to meet the increased demand for digital dollar offerings.

It has been reported that the Center will offer access to six stablecoins in the platform, including four of the most popular in terms of market volume:

  • Tether (USDT),
  • TrueUSD (TUSD),
  • USD Coin (USDC), and
  • DAI.

However, Uphold has also added coins from the Universal Protocol Alliance, such as UPUSD and UPEUR. 

JP Thieriot, the CEO of Uphold, said:

“Stablecoins are inherently less volatile than cryptos being pegged 1:1 to safe-haven currencies like USD and are quickly being adopted by central banks around the world.”

According to Thieriot, the aim of the new Stablecoin Center is to allow people to transfer value between stablecoins, traditional banking networks, and crypto markets.

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He added:

“Stablecoins are ostensibly a measure of interest in crypto combined with the shortcomings of the legacy financial system. The units of account are still the Fiat units of account. Nothing changes on that front. Moving from bank USD to digital USD just means better velocity, more options and, perhaps most notably – higher interest yields.”

He also described that the Stablecoin Center will help users determine which stablecoins are comparatively better than others in terms of transparency, auditability, liquidity, and available interest rates.

Thieriot added:

“Stablecoins have generally come a long way from their inception, and some of the newer ones are clearly superior, in nearly every regard, to the older ones. Hopefully, users will overcome inertia and start to go with the best constructed alternatives.”

Likewise, Uphold said that Stablecoin Center relied on the principles of accessibility, connectivity, financial stability, and interest-earning to expand its new product portfolio.

As per the report, Uphold now offers users access to funds through debit/credit cards and bank accounts in more than 40 countries, together with wallets on seven crypto networks.

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Currently, Uphold supports over 50 different currencies including cryptocurrencies, national currencies and commodities.

It has been analyzed that supported stablecoins will also be entitled to earn up to 10% interest through Cred Earn, a third-party app.

Dan Schatt, the CEO of Cred Earn, said that Uphold customers are receiving the most competitive interest rates available on stablecoins.

Schatt added:

 “We’re excited to see this segment of the crypto-asset market maturing.”

Thus, Thieriot noted that Uphold plans to provide support for any new stablecoins, which prove to be legitimate and of public interest.

Source: Cointelegraph | Image: Uphold


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.