The Universal Protocol Stablecoins & Tokens
A review of what we’ve launched so far
Over the last two months, our team has been BUSY. First, we initiated the Universal Protocol ICO and introduced Universal Proxy Token (UPT), the native token to use throughout the UP ecosystem. We recently concluded the ICO for UPT, so we wanted to give our community an update on everything else we’ve been working on during this time period. In addition to concluding the ICO, we released the Universal Dollar (UPUSD), the Universal Euro (UPEUR), and the Universal Bitcoin (UPBTC), these are just the first batch of many stablecoins and tokens to come in the near future.
UPT — Universal Proxy Token
The Universal Proxy Token is the native token of the Universal Protocol Platform. It is the underlying utility token for Universal Protocol, and blockchain users use it to make transactions with the additional tokens and stablecoins that UP releases throughout the year. Currently, UPT can transact with UPUSD, UPEUR, and UPBTC.
Each Universal Protocol token will have a set of common properties and operate under a universal and transparent reserve standard that can be audited and verified through a transparency page. We intend to release new proxy tokens quarterly for existing popularly traded cryptocurrencies and fiat currencies.
UPUSD — The Universal Dollar
The Universal Dollar (UPUSD) was our first stablecoin to be released in our family of Universal tokens. It is a stablecoin that is pegged to the US Dollar at a 1:1 rate, passed through the FDIC, and is fully transparent to see the underlying asset which it represents in the Uphold reserve.
“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.”
UPEUR — The Universal Euro
The Universal Euro is a 1:1 Euro-pegged stablecoin, our second to be released. This stablecoin is aimed at global consumers who want to interact with additional choices of revenue streams not based on the US Dollar. People whose assets are tied up in Euro markets will be able to benefit from a higher rate of return than many of their national banks offer.
“The Universal Euro offers a high rate of return and the same commitment to code quality, investor safeguards and transparency as other Universal Protocol Tokens. UPEUR is architected with institutional-level security in mind and works seamlessly with the Universal Protocol Token (UPT), designed to allow for quick, low-cost conversion of UPEUR to fiat currencies, UPUSD, UPBTC or other digital assets. UPEUR is backed by some of the biggest names in the blockchain industry, all supporting various aspects of the UPEUR ecosystem and we’re thrilled to make this stablecoin available in the near future” said Dan Schatt, Co-founder of the Universal Protocol Alliance and Cred.
UPBTC — The Universal Bitcoin
The Universal Bitcoin is the second tokenized financial product to be released by the Universal Protocol, after the native token, UPT. UPBTC is a proxy token for Bitcoin, the first tokenized cryptocurrency we have released so far. It allows for users of Bitcoin to seamlessly take the value of their Bitcoin assets and render it accessible and convertible through a single blockchain network. The Universal Bitcoin has the highest potential annualized rate of return of an UP token or stablecoin, up to 10%, when used through CredEarn on Uphold.
“Universal Bitcoin is an important innovation because it makes Bitcoin accessible and seamlessly convertible through a single blockchain network. We are bringing Bitcoin to Ethereum in the form of a secure proxy token that can now reason with any ethereum application,” said Dan Schatt, Chairman of the UP Alliance. “UPBTC is the safe, convenient way for anyone to hold and interact with Bitcoin and benefit from the same consumer safeguards, code integrity, transparency and interoperable properties as the Universal Dollar (UPUSD) and every other Universal Token issued through the Alliance.”
Q2 Roadmap for Next Universal Tokens
Even after all of this we aren’t slowing down now. In the very near future, we will be releasing our third Universal token, so be sure to join us on Telegram and follow us on Twitter to keep up to date with our announcements.
*.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. UPEUR and UPUSD arenot 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 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. Persons who affirmatively opt in to the service. Additional terms and conditions will apply.
