• Mon, 27 May 2019, 09:20 AM
  • All times are UTC
  • Edition:
    International
Link copied

Universal Protocol Alliance announces new stablecoin ‘Universal Dollar’

Wed, 10 Oct 2018, 07:21 am UTC

The Universal Protocol Alliance, a recently launched coalition of blockchain organizations, has officially announced its own stablecoin, called the Universal Dollar (UPUSD).

In August, 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.

According to the official release, the UPUSD is a fully-transparent, digital asset that is collateralized 1-to-1 with U.S. dollars to be held at the U.S. domiciled, FDIC-insured banks. It will offer users access to a quarter-billion-dollar line of credit; an annual rate of interest of between 2 and 5 percent; and enable holders to access flexible loans with single-digit rates of interest.

“As part of this initiative, any supported digital asset held at Uphold could be used to earn interest [subject to regulatory requirements] and qualify the user for a secured line of credit,” it said. “The Universal Dollar can be used to earn interest with Uphold Earn, and to access flexible lines of credit with Uphold Borrow.”


Underpinned by the reserve management developed by Uphold, the UPUSD introduces many of the user safeguards and benefits expected of conventional financial assets, the release said. This includes a fully reserved, built-in loss recovery and optional custody of private keys; inheritability feature allowing users to nominate a beneficiary who can “call” the asset on account dormancy; and a “detachable” wallet that reduces exchange risk, among others.

Alongside the UPUSD, the alliance said that it will soon launch Universal Bitcoin (UPBTC) as an ERC-20-compatible, fully-reserved and interoperable token.

“The Universal Dollar should help crypto and blockchain jump the rails, creating mainstream financial products that allow virtually anyone, anywhere to buy digital assets, and then borrow against them, as well as earn interest on fiat-stable deposits,” said JP Thieriot, CEO of Uphold.

Recently, PwC entered into a partnership with Cred, one of the founding members of the Universal Protocol Alliance, to provide its expertise to the stablecoin project.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $8,723.89 (+9.00%)
  • Ethereum (ETH) $267.48 (+7.00%)
  • XRP (XRP) $0.410100 (+6.96%)
  • Bitcoin Cash (BCH) $433.82 (+8.12%)
  • Litecoin (LTC) $113.61 (+11.64%)
  • Bitcoin (BTC) $8,723.89 (+9.00%)
May 27, 2019 (Monday)
09:11
More Indian telecom giants including Vodafone Idea, Jio to deploy blockchain-based anti-spam call tech
08:53
Recruit invests in next-gen blockchain startup COTI
07:44
Crypto exchange Bittrex teams up with IdentityMind for automated transaction monitoring
07:05
Rabobank ditches plan to launch cryptocurrency wallet 'Rabobit'
06:53
Deloitte Canada selects LiteLink as blockchain delivery group
06:09
Crypto trading app Robinhood gears up to raise $200M: Report
06:04
Saudi Customs departs first blockchain-powered shipment to Rotterdam
05:16
US State of Montana is now crypto friendly, recognizes utility tokens
04:20
Facebook’s Zuckerberg reaches out to Winklevoss twins for crypto project: Report
03:46
Blockchain capital markets platform iSTOX joins Singapore's sandbox
03:33
Luxury watchmaker Vacheron Constantin to use blockchain technology to authenticate timepieces
03:23
Swisscom TV to showcase blockchain-based artwork
May 24, 2019 (Friday)
12:18
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
10:50
German engineering giant Bosch trials Ethereum blockchain
10:39
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
09:33
Bank of Russia to review proposal on gold-backed cryptocurrency
09:17
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
08:45
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
08:45
Robinhood Crypto is now in New York
07:27
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft