CryptoCurrency

Blockchain Alliance Launches New Euro Backed Stablecoin

Universal Protocol Platform (UPP), a consortium of blockchain firms that goals to make all cryptocurrencies accessible on a single community, is launching a brand new Euro-backed stablecoin, UPEUR. Similar to Tether, UPEUR is fiat-collateralized with every stablecoin unit is backed by a corresponding unit of Euro.

The coin will likely be accessible for rapid use on UPP’s collaborating exchanges together with Bittrex International, Brave, Cred, and Bitgo. The firm additionally guarantees to signal main crypto custodians and machine suppliers, akin to BitGo and Ledger, to assist its stablecoin.

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More curiously, the UP platform will allow customers to lend their UPEUR holdings and earn curiosity of as much as eight p.c by way of Uphold’s Cred Earn software, identical to a daily financial savings account.

Created to fulfill euro-biased crypto fans, UPP believes that the brand new token can present safety during times of utmost volatility available in the market whereas enhancing the danger and return metrics of crypto-investment portfolios.

Stablecoins proceed to pop up

With all of the controversy and distrust surrounding Tether (USDT), it’s no shock {that a} multitude of recent alternate options have popped up not too long ago. Just yesterday, CEO of in style alternate OKEx stated his firm is backing a brand new cryptocurrency that may very well be pegged to the U.S. greenback, in a partnership with SEC-regulated custodian Prime Trust.

Commenting on the information, Dan Schatt, co-founder of the Universal Protocol Alliance and Cred, stated: “The Universal Euro gives entry to a excessive charge of return and the identical dedication to code high quality, investor safeguards and transparency. UPEUR is architected with institutional-level safety in thoughts and designed to permit for fast, low-cost conversion of UPEUR to fiat currencies, UPUSD, UPBTC or different digital property. We’re thrilled to make this stablecoin accessible within the close to future.”

JP Thieriot, CEO of Uphold, added: “The Universal Euro is a part of a household of tokenized digital property now we have launched that may facilitate the moment and seamless conversion of various types of worth. In doing so, the UP Platform will unlock the huge and untapped full potential of blockchain to remodel how people and companies retailer and switch worth, with Universal Tokens representing the following era of digital cash.”

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David

David is the founder of DebtDefined.com. The firm originates business financing for companies of all size in the Canadian marketplace . Originations include business loans, term loans, asset based lines of credit, SR ED Tax credit financing , and receivable financing .

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