As the Universal Protocol (UP) Alliance announced in a press release on March 28, it plans to launch a Euro-linked stablecoin called “Universal Euro” (UPEUR).
According to the announcement, users can earn up to 8 percent interest on the coin. Furthermore, the Universal Euro will be available on the Uphold trading platform as well as on participating crypto exchanges; the two crypto service providers BitGo and Ledger will also accept the new Stablecoin.
The new Stablecoin is specifically targeted at countries with high inflation or limited access to traditional banks. There, users can use the UPEUR as a store of value or means of payment, and they can also receive interest income through the lending of the coin.
The UP Alliance was founded in 2018 by six crypto-related companies. Among the founding members are the Bittrex crypto exchange, Brave remote browser, the Blockchain Department of California’s Berkeley University, event management company Cred, the Blockchain startup CertiK and the Uphold trading platform.
Also published on Medium.