A blockchain firms consortium, Universal Protocol (UP) Alliance is planning to launch its own euro-pegged stablecoin in April. As per the press release on March 28, dubbed the Universal Euro (UPEUR), the UP’s stablecoin will be pegged to the euro on a 1:1 basis and will reportedly enable consumers to earn up to 8 percent interest.
UPEUR will mostly be available directly on digital money platform Uphold and participating exchanges. It will also be accepted by crypto custodian and device providers such as BitGo and Ledger. Further, the press release notes that the token will target residents in countries where high inflation or limited access to traditional banking. Using the Universal Euro, the users will be able to lend their euro-pegged assets and earn interest
The Universal Protocol Alliance
Founded in 2018, the alliance is a collaboration of six industry organizations including crypto exchange Bittrex, Uphold, university-based eco-system for blockchain Blockchain at Berkeley, blockchain startup CertiK, open-source pay-to-surf browser Brave, and events firm Cred.
The UPEUR joins an increasingly popular space of the cryptocurrency ecosystem, Stablecoins. Recently, Star Xu, the founder of exchange services provider OKCoin and crypto exchange OKEx announced a partnership with blockchain-focused trust company Prime Trust, that will allow the firm to launch its own compliant stablecoin.
Previously, the head of blockchain solutions at tech giant IBM hinted that they are planning bank-targeted stablecoins will be a major forthcoming development for the company’s blockchain cross-border payments solution.
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