Uphold announced support of a revolutionary stablecoin that aims to propel cryptocurrency into the mainstream. The stablecoin, known as the Universal Dollar (UPUSD), is issued by Universal Protocol Pte. Ltd. and will initially be available on the Uphold platform. UPUSD is the first stablecoin to be listed on Uphold, the digital money platform, and is pegged on a 1:1 ratio to the U.S. dollar. It is also 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. U.S. dollars are held at banks located in the United States with the intention of being eligible for FDIC “pass-through” deposit insurance, subject to applicable limitations.
Launching first in Latin America, this stablecoin behaves like a mature financial asset with it being fully transparent and inheritable. Additionally, 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 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.”
This stablecoin is the first in a series of tokens and stablecoins released through the Universal Protocol Alliance, a coalition of some of the industry’s finest, including Bittrex, Brave, Cred, CertiK, Blockchain at Berkeley, along with Uphold. This coalition demonstrates a desire to further the ecosystem, driving mainstream adoption while also building trust and creating a sense of legitimacy. It is a shared goal, that would not be possible by working alone.