Today is a major milestone for the Universal Protocol Alliance as we unveil the first tokenized financial product from the Universal Protocol Platform, to be released today on Uphold. We are excited to announce the release of the Universal Dollar (UPUSD), a revolutionary stablecoin issued by the UP Alliance. This stablecoin is designed for usability and is targeted at the 2.5 billion people around the world who currently have bank accounts.
The mission of the Alliance — comprised of the leading companies in the world of crypto including Uphold, Cred, Brave, Blockchain at Berkeley, CertiK, and Bittrex International — is to bring the next 100 million users into crypto.
The first step towards this goal is a more functional, accessible stablecoin, the Universal Dollar (UPUSD). UPUSD is a stablecoin pegged at a 1–1 ratio with the US Dollar. Once a Universal Dollar has been minted, a record of this transaction is recorded on the Ethereum blockchain. This allows for users to have true, on-chain asset identification, and if needed, recovery.
“Unlike other stablecoins, the UP Alliance seeks to flood the process with daylight, in order to increase transparency and confidence in the sector. We give customers verifiable confidence that they are buying a fully-reserved Universal Dollar,” said Dan Schatt, Co-founder and Chairman of the Universal Alliance.
In a first of its kind financial product, holders of Universal Dollars have access to a product which allows them to earn a significant annualized return. Using the CredEarn app, eligible holders of UPUSD outside the US may be able to access a potential annual return simply by depositing their coins.
“This is the first of many tokenized digital assets we intend to introduce that will facilitate the instant and seamless conversion of different forms of value,” said JP Thieriot, CEO of Uphold. “In doing so, the UP Platform will unlock the vast and untapped full potential of blockchain to transform how individuals and businesses store and transfer value, with Universal Tokens representing the next generation of digital money.”
UPUSD will initially be available in certain parts of Africa and Latin America. The product will be a game changer for people in countries with high inflation or unreliable banking services — allowing them access to a stable, USD-backed digital asset.
UPUSD will be available starting today on the Uphold platform.
This is just the start for the Universal Protocol Alliance. After the launch of our first stablecoin, we plan to continue expanding our tokenization efforts. Stay tuned for the next announcement from the Universal Protocol Alliance.
Learn more about how to get UPUSD on Uphold.com: https://uphold.com/en/blog/announcing-upusd-the-first-stablecoin-available-on-uphold
Note: The information herein is provided for informational purposes only and is not an offer to sell, and shall not be deemed a solicitation of an offer to buy, any tokens. UPUSD is not available in all jurisdictions. Any offering or sale will be made in compliance with the laws of relevant jurisdictions, including those of any countries which prohibit the sale of digital assets or cryptocurrencies or who are located, organised or resident in a country or territory that is the subject of country-wide or territory-wide sanctions. CredEarn is a loan arrangement, not a deposit relationship. Interest accrues on amounts actually borrowed by Cred, and is calculated on a simple interest basis based on the number of days and amount of the assets borrowed. Not all customers will be able to participate and not all funds may be borrowed. The CredEarn Program is offered solely by CRED LLC to non-U.S. Persons who affirmatively opt in to the service. Additional terms and conditions will apply.