The Universal Protocol (UP) Alliance, a union of leading blockchain organizations including crypto exchange Bittrex and decentralized browser Brave, recently announced in a press release (Mar 28) the coming of its own Euro-pegged stablecoin this month.
The stablecoin dubbed Universal Euro (UPEUR) is set at a 1:1 exchange with Euro, creating stability for users “in countries with high inflation or limited access to traditional banking.” Plus, users can loan their UPEUR assets and earn 8 percent interest at maximum, as per the release.
On arrival, the stablecoin will onboard financial services platform Uphold, accepted with blockchain custodian BitGo and crypto services provider Ledger, and on other member firms as well.
Back in 2018, the UP initially consisted of six founding members including Bittrex, Brave, Uphold, student-run blockchain consultant Blockchain at Berkeley, events firm Cred and blockchain startup CertiK.
Recently, OK Group – the operator of crypto exchange OKEx – has reportedly entered into a strategic collaboration with Prime Trust to launch its own compliant stablecoin, possibly USD-pegged, named OKUSD in the near future.