Universal Protocol Platform (UPP), a consortium of blockchain companies that aims to make all cryptocurrencies accessible on a single network, is launching a new Euro-backed stablecoin, UPEUR. Similar to Tether, UPEUR is fiat-collateralized with each stablecoin unit is backed by a corresponding unit of Euro.
The coin will be available for immediate use on UPP’s participating exchanges including Bittrex International, Brave, Cred, and Bitgo. The company also promises to sign leading crypto custodians and device providers, such as BitGo and Ledger, to support its stablecoin.
More interestingly, the UP platform will enable users to lend their UPEUR holdings and earn interest of up to eight percent via Uphold’s Cred Earn application, just like a regular savings account.
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Created to satisfy euro-biased crypto enthusiasts, UPP believes that the new token can provide protection during periods of extreme volatility in the market while improving the risk and return metrics of crypto-investment portfolios.
Stablecoins continue to pop up
With all the controversy and mistrust surrounding Tether (USDT), it’s no surprise that a multitude of new alternatives have popped up recently. Just yesterday, CEO of popular exchange OKEx said his company is backing a new cryptocurrency that could be pegged to the U.S. dollar, in a partnership with SEC-regulated custodian Prime Trust.
Commenting on the news, Dan Schatt, co-founder of the Universal Protocol Alliance and Cred, said: “The Universal Euro offers access to a high rate of return and the same commitment to code quality, investor safeguards and transparency. UPEUR is architected with institutional-level security in mind and designed to allow for quick, low-cost conversion of UPEUR to fiat currencies, UPUSD, UPBTC or other digital assets. We’re thrilled to make this stablecoin available in the near future.”
JP Thieriot, CEO of Uphold, added: “The Universal Euro is part of a family of tokenized digital assets we have introduced that will facilitate the instant and seamless conversion of different forms of value. 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.”