New Universal Dollar (UPUSD) Stablecoin by Universal Protocol Alliance Enters Crypto Market

New Universal Dollar (UPUSD) Enters Market in A Rush of New Stablecoins

The Universal Protocol Alliance is a group of organizations that support blockchain technology and innovation. The group includes entities like Uphold, FBG Capital, Cred, Blockchain at Berkeley, and Brave. In a decision to dive into the blockchain industry collaboratively, the group is now launching a digital asset called the Universal Dollar (UPUSD).

The UPUSD will be completely transparent and will trade at a 1:1 ratio with the US Dollar, which is going to be held within local FDIC-insured banks. This new stablecoin will let investors gain access to bigger returns on their deposits, while acquiring more affordable credit. Right now, the token will grant the users access to a line of credit that amounts to $250 million, which has a 2% to 5% interest rate, and lets the user get involved with flexible loans. The Uphold platform supports the coin right now.

CEO of Uphold, JP Thieriot, said,

“This is crypto finally delivering the goods to the mass market Worldwide, over 2.5 billion people with bank accounts are likely to be interested in cheaper credit and a higher yield on their deposits. This isn’t about imagined “utility” for a ratified use case. The Universal Dollar should have broad appeal to a wide array of people and, for some in developing economies, could be life-changing. Without thousands of employees, miles of high-rent real estate and the baggage of legacy systems, companies in our industry have a big structural advantage over traditional banks. This advantage has to accrue to the benefit of the mass market, or our industry will remain the exclusive domain of technophiles and speculators.”

The perk of the Universal Dollar is the way that it offers a lot of the benefits that consumers normally see from conventional fiat currency. Some of those benefits include:

  • Built-in loss recovery
  • Optional custody assignment of private keys to digital wallets
  • The ability to name a beneficiary for their wallet
  • Up to 5% earnings yearly, based on the value of the digital assets
  • Flexible credit line with competitive terms.

Thieriot elaborated saying, “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.” Essentially, while the initiative is taking place, supported digital assets on the Uphold platform have the ability to earn interest and give the user access to a secured credit line.

Co-founder and president of Cred, Dan Schatt, noted,

“Traditionally, you’ve had to own a home to have access to cheap credit products, such as the American ‘HELOC.’ Now, a new generation can access similarly convenient credit without such a high bar and through simple ownership of digital assets.”

Along with the launch of the Universal Dollar, the Universal Protocol Alliance will also be unveiling Universal Bitcoin (UPBTC), which will be a fully-reserved and interoperable token.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Compound Roadmap to Full Decentralization to Begin with Issuance of COMP to Their Community

Compound will now issue COMP tokens to the users of their protocol in a bid to achieve full decentralization. They have released an...

Crypto Payment Processor BitPay Sees More Use in Stablecoins than Layer-2 Solutions

Rising fees on the Bitcoin blockchain after the halving will not set BitPay, a crypto payments startup, into using layer 2 payment channels...

Digital Dollar Foundation Releases Its First Whitepaper Urging The US Govt To Explore CBDC's

Christopher Giancarlo’s Digital Dollar Foundation releases its first white paper on the digital dollar. The projects aims at implementing a private-public partnership with...

Ethereum is Close to Being Flipped on its Own Blockchain As the Total Value Stored Is Shifting

The Ethereum network has been seeing a lot of activity in 2020. The price of Ether already seems to lead the altcoins rally, currently trading...

Coinbase, Who Controls Over 11% of Tezos, Rolls Out XTZ Staking in the UK, France, Spain, and the Netherlands

Over 6 months back, Coinbase launched Tezos staking for its US customers and now they are rolling this feature out for its users in...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today