USD and Euro Stablecoins minted by UP Alliance and provides on-chain transparency
Lichtenstein, March 19 – The Universal Protocol Alliance, a coalition of leading blockchain organizations including Bittrex Global, Cred, Uphold, Blockchain at Berkeley, and CertiK, today announced the listing of three tokens on Bittrex Global: the Universal Dollar (UPUSD), a USD-pegged stablecoin collateralized 1:1 with the US Dollar; The Universal Euro (UPEUR), a EURO-pegged stablecoin collateralized 1:1 with the EURO, and the Universal Protocol Token (UPT), the Alliance utility token that will offer holders valuable benefits from Alliance members. Bittrex Global will be offering a lower fee structure for UPT holders.
The Universal Dollar and Universal Euro: Transparency, Low Fees, and Returns
The Universal Dollar and Euro stablecoins are aimed at users looking for an alternative to existing stablecoin products, and those looking for low volatility and a competitive annual rate of return. In countries with high inflation or limited access to traditional banking, users can now lend their EURO and USD-pegged assets and earn interest. To earn a return, users can stake their UPUSD via the CredEarn application on Uphold. In developed countries, UPUSD and UPEUR provide a transparent and secure way for users to store their digital assets held on a 1:1 basis licensed and insured banks.
“We’re thrilled to join an Alliance of like-minded blockchain companies dedicated to incubating blockchain-based technologies and helping projects like the Universal Dollar and Universal Euro go mainstream” said Tom Albright, CEO of Bittrex Global. “The blockchain industry needs technology that can build trust and transparency, and the platform the Alliance has built should help drive mass utility and adoption.”
“Unlike other Stablecoins, the Alliance seeks to flood the value substantiation process with daylight so it doesn’t operate as a black box. We provide customers verifiable confidence that they are buying a fully-reserved Universal Dollar or Euro,” said Dan Schatt, Chairman of the Universal Protocol Alliance.
UPUSD and UPEUR will trade freely on Bittrex Global. For those wishing to mint or redeem their stablecoins using USD or EUROs, customers may open an account at Uphold, a member of the Universal Protocol Alliance.
The technology underlying the UP Platform also enables the Universal Dollar to inherit some unique attributes, including:
Key recovery: Users can recover funds should they lose their Private Keys. The key will be split into multiple shares and the corresponding address embedded into the wallet. When two out of three constituents (wallet owner and one of the third parties) agree to recover the shares, the assets can be ‘called’ from the lost wallet.
Inheritability: Users can nominate beneficiaries who may ‘call’ the assets after prolonged account dormancy. The exact period of dormancy and the address will be configured during wallet set up
Detachability: Users can ‘delegate’ control over their assets to a centralized exchange in order to facilitate a temporary trading session. After a session, the user can immediately take back custody and hold them in the safety of their private wallet.
Dynamic code generation: The Universal Protocol Platform employs smart contracts to generate tokens in a