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Digital payment Uphold to expand stablecoin offerings

Tue, 28 Apr 2020, 07:40 am UTC

Digital payment platform Uphold launched Stablecoin Center to meet the increasing demand for digital dollar offerings.

Uphold offers access to investments and payments using blockchain technology. It announced its plan to expand its stablecoin offerings alongside the launch of the new Stablecoin Center, Cointelegraph reported.

Stablecoin Center will offer access to six stablecoins including the four most popular in terms of market volume – Tether (USDT), TrueUSD (TUSD), USD Coin (USDC), and DAI. Uphold also added two coins from the Universal Protocol Alliance UPUSD and UPEUR.

“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,” Uphold’s CEO, JP Thieriot said in a statement to Cointelegraph.

He added that among the Stablecoin Center’s goal is to allow people to transfer value between stablecoins, traditional banking networks, and crypto markets. It will also help users determine which among the stablecoins are better than the others in terms of transparency, auditability, liquidity, and interest rates.

“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 added.

The new center will also allow users access to funds through debit/credit cards and bank accounts in more than 40 countries and wallets on seven crypto networks. It also supports more than 50 currencies including cryptocurrencies, national currencies, and commodities.

There is no doubt that stablecoin is gaining momentum in the crypto space. In fact, Facebook hired 50 new staff this month for its stablecoin operation in Dublin.

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