Universal Protocol Alliance Offers Stablecoin To 100 Million Users

Will the industry coalition be successful in attracting 100 million users to the cryptocurrency space? With a crypto bait that’s too hard to resist, a hundred million would seem like a small number.

Universal-Protocol-Alliance-Offers-Stablecoin-to-100-Million-Users

The Universal Protocol Alliance, a coalition of blockchain organizations, has introduced their Universal Dollar (UPUSD) at the San Francisco Blockchain Week on Tuesday, October 9.

UPA-Uphold-logoAccording to their press release, the UPUSD is a “fully-transparent, digital asset that is collateralized 1-to-1 with U.S. dollars to be held at U.S. domiciled, FDIC-insured banks.” Adding to the growing numbers of stablecoins, it is specifically designed to draw the attention of the next 100 million users into crypto. The stablecoin allows investors worldwide to access higher yields on deposits and more affordable credit than available from several traditional banks.

UPUSD reportedly affords users access to a quarter-billion dollar line of credit as well as settle an annual rate of interest of two to five percent and allows holders to access flexible loans with “single-digit-rate” interests. The stablecoin is underpinned by digital money platform Uphold’s reserve management.

Uphold CEO JP Thieriot stated:

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 rarified 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.

Thieriot believes companies in their industry have a big structural advantage over traditional banks due to its cheaper credit and higher yield leverage. “This advantage has to accrue to the benefit of the mass market, or our industry will remain the exclusive domain of technophiles and speculators,” he added.

The Universal Dollar presents many of the user safeguards and benefits counted upon conventional financial assets which includes:

  • Safety: fully reserved, built-in loss recovery and optional custody of private keys.
  • Inheritability: users may nominate a beneficiary who can “call” the asset on account dormancy.
  • Reduced exchange risk: thanks to a “detachable” wallet that permits “self custody” at exchanges.
  • Yield: can earn up to five per cent annually on the value of digital holdings.
  • Credit: flexible borrowing on competitive terms, secured by the value of digital assets.

Alongside the Universal Dollar, the Universal Protocol Alliance is about to launch Universal Bitcoin (UPBTC) as a fully-reserved and interoperable token that is compatible to ERC-20. UPUSD can be utilized to earn interest with Uphold Earn as well as to access flexible lines of credit with Uphold Borrow.

Hooked on the latest blockchain news? Itching to get the newest deets on your favorite crypto? No problem! Here, check out our most current crypto news, fresh from the oven.

Summary
Universal Protocol Alliance Offers Stablecoin To 100 Million Users
Article Name
Universal Protocol Alliance Offers Stablecoin To 100 Million Users
Description
Will the industry coalition be successful in attracting 100 million users to the cryptocurrency space? With a crypto bait that’s too hard to resist, a hundred million would seem like a small number.
Author
Publisher Name
Ibinex News
Publisher Logo

Related Cryptocurrency News