Crypto startup Uphold adds support for stablecoin ‘UPUSD’

Digital money platform Uphold has announced support for the Universal Dollar (UPUSD), a stablecoin issued by Universal Protocol.

In August 2018, Uphold, Brave Software, Cred, Blockchain at Berkeley and FBG Capital, came together to launch the Universal Protocol Alliance with the objective of accelerating the adoption of blockchain and cryptocurrencies.

In October, the initiative announced the UPUSD – its stablecoin pegged on a 1:1 ratio to the U.S. dollar. UPUSD is the first in a series of tokens and stablecoins released through the Universal Protocol Alliance.

Uphold said that UPUSD is the first stablecoin to be listed on its platform and will be initially launched in Latin America. In its official announcement, it explained that UPUSD behaves like “a mature financial asset with it being fully transparent and inheritable.”

UPUSD is “the first stablecoin of its kind to be minted on-chain with every verifying transaction written to the Ethereum public blockchain so that all users can see and verify UPUSD is 100% percent backed with U.S. dollars,” it added.

Eligible holders of UPUSD outside the US may be able to access a potential annual return through Cred’s CredEarn product, an application available on the Uphold platform, the release said.

“The Universal Dollar shows that crypto is finally delivering on the promise of mass appeal,” said JP Thieriot, CEO of Uphold. “Especially relevant in developing economies, the protections, interoperability and financial services offers a number of benefits to Uphold members.”