Crypto Platform Uphold Adds Support For Dollar-Backed Stablecoin UPUSD

Announcements, News | March 11, 2019 By:

Cryptocurrency platform Uphold has added support for the Universal Dollar (UPUSD), a stablecoin issued by the Universal Protocol Alliance.

Uphold, formerly Bitreserve, is a cloud-based financial services platform enabling users to convert deposits to their account via bank account, credit card, and cryptocurrencies into reserve-backed currencies and commodities. Uphold claims to have facilitated over $2 billion in transactions across 184 countries, in more than 30 supported currencies and four commodities.

UPUSD is a fully-transparent, digital asset that is collateralized 1-to-1 with US dollars to be held at US domiciled, FDIC-insured banks. It is 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 US dollars. It is also the first in a series of tokens and stablecoins released through the Universal Protocol Alliance, a coalition of cryptocurrency companies and blockchain pioneers, including Bittrex, Brave, Cred, CertiK, Blockchain at Berkeley, along with Uphold.

Uphold said that UPUSD is the first stablecoin to be listed on its platform and that it will be initially launched in Latin America. 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.”