Universal Protocol Alliance To Launch Euro-Pegged Stablecoin

News | April 1, 2019 By:

The Universal Protocol Alliance has announced that it will be launching a Euro-pegged stablecoin this month.

Formed last year, the Universal Protocol Alliance is a coalition of cryptocurrency companies and blockchain pioneers that seeks to accelerate the adoption of blockchain as a mainstream financial technology by making digital assets more accessible, secure and convenient to own. The alliance members consist of Bittrex, Cred, Uphold, Brave Software, Blockchain at Berkeley and CertiK. Its Universal Protocol Platform allows for the minting, custody, and storage of digital ‘proxy’ assets that allow for better digital asset products, and the introduction of a set of safeguards required for the mainstream adoption of cryptocurrency.

The Euro-pegged stablecoin, called Universal Euro (UPEUR), is aimed at users looking to keep their assets in Euros, and those looking for low volatility and a competitive annual rate of return. UPEUR will be launched later this month directly on Uphold and participating exchanges, allowing customers using CredEarn to earn interest on their stablecoin. It will also be supported by crypto custodians and device providers, such as BitGo and Ledger.

“The Universal Euro offers access to a high rate of return and the same commitment to code quality, investor safeguards and transparency,” said Dan Schatt, Co-founder of the Universal Protocol Alliance and Cred. “UPEUR is architected with institutional-level security in mind and designed to allow for quick, low-cost conversion of UPEUR to fiat currencies, UPUSD, UPBTC or other digital assets. We’re thrilled to make this stablecoin available in the near future.”

By utilizing the the UP Platform, UPEUR inherits some unique attributes, including Key Recovery, which allows users to recover funds should they lose their private keys, Inheritability, which enables users to nominate beneficiaries who may ‘call’ the assets after prolonged account dormancy, and Detachability, which gives users the ability to ‘delegate’ control over their assets to a centralized exchange in order to facilitate a temporary trading session.

“The Universal Euro is part of a family of tokenized digital assets we have introduced that will facilitate the instant and seamless conversion of different forms of value,” said JP Thieriot, CEO of Uphold. “In doing so, the UP Platform will unlock the vast and untapped full potential of blockchain to transform how individuals and businesses store and transfer value, with Universal Tokens representing the next generation of digital money.”

The announcement came after the alliance unveiled its second tokenized financial product, called Universal Bitcoin (UPBTC), which is designed to make bitcoin “accessible and seamlessly convertible through a single blockchain network.”