SAN FRANCISCO--(BUSINESS WIRE)--Today, Uphold announced support of a revolutionary stablecoin that aims to propel cryptocurrency into the mainstream. The stablecoin, known as the Universal Dollar (UPUSD), is issued by Universal Protocol Pte. Ltd. and will initially be available on the Uphold platform.
UPUSD is the first stablecoin to be listed on Uphold, the digital money platform, and is pegged on a 1:1 ratio to the U.S. dollar. It is also the first stablecoin of its kind to be minted on-chain with every verifying transaction written to the Ethereum public blockchain so that all users can see and verify UPUSD is 100% percent backed with U.S. dollars. U.S. dollars are held at banks located in the United States with the intention of being eligible for FDIC “pass-through” deposit insurance, subject to applicable limitations.
Launching first in Latin America, this stablecoin behaves like a mature financial asset with it being fully transparent and inheritable. Additionally, eligible holders of UPUSD outside the US may be able to access a potential annual return through Cred’s CredEarn product, an application available on the Uphold platform.
“The Universal Dollar shows that crypto is finally delivering on the promise of mass appeal,” said JP Thieriot, CEO of Uphold. “Especially relevant in developing economies, the protections, interoperability and financial services offers a number of benefits to Uphold members.”
Key features of the stablecoin include:
- Recoverability: Remembering a complex private key may be intimidating for the average bank account holder; UPUSD users can recover their private key and reclaim assets if needed
- 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 instantiation
- Full transparency: Every time a user purchases USD on the Uphold platform, they can initiate an exchange and request new minting of UPUSD. The new UPUSD is instantly minted on the Uphold reserve, and a record of this transaction is recorded on the Ethereum blockchain.
This stablecoin is the first in a series of tokens and stablecoins released through the Universal Protocol Alliance, a coalition of some of the industry’s finest, including Bittrex, Brave, Cred, CertiK, Blockchain at Berkeley, along with Uphold. This coalition demonstrates a desire to further the ecosystem, driving mainstream adoption while also building trust and creating a sense of legitimacy. It is a shared goal, that would not be possible by working alone.
Uphold is a digital money platform providing consumers worldwide with convenient and secure access to traditional currencies, cryptocurrencies, and other investments. Uphold has powered more than $4 billion in transactions across 184 countries, covering over 30 supported currencies and four commodities. The platform has more than 1 million users. Uphold is the only financial platform to publish its reserve holdings in real time. The company has offices in San Francisco, New York, Portugal, London and Mexico City. More information can be found at www.uphold.com, or follow us on Twitter, Facebook, and LinkedIn. Not licensed in all jurisdictions.
Note: CredEarn is a loan arrangement, not a deposit relationship. Interest accrues on amounts actually borrowed by Cred, and is calculated on a simple interest basis based on the number of days and amount of the assets borrowed. Not all customers will be able to participate and not all funds may be borrowed. The CredEarn Program is offered solely by CRED LLC to non-U.S. Persons who affirmatively opt in to the service. Additional terms and conditions will apply. CredEarn loans have not been registered by CRED LLC under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements.