Bittrex-Backed Euro Stablecoin Can Stack For 8% Interest
In the latest cryptocurrency news, a group of at least six blockchain companies dubbed as the Universal Protocol Alliance is planning to bring forth next month what appears to be a euro-pegged. Here is everything about it in a nutshell.
Alliance’s UPEUR Token
According to the official report, the group revealed that its very own “universal euro (UPEUR) token” is particularly aimed at users for the goal of a low volatility digital currency. Also, the stablecoin is expected to offer holders a yearly rate of around eight percent.
The companies added that in nations known for high inflation – or even those with little to almost zero access to traditional banking – users will finally have the ability to lend their Euro-pegged assets. Even more so, the process allows them to earn interest.
Not only Cred, but the group is also composed of Bittrex cryptocurrency exchange, crypto finance firm Uphold, blockchain-powered web browser Brave, blockchain auditing platform Certik, and student organization Blockchain at Berkely.
Together the group is confident they can build crypto products that are unique and designed to appeal to all mainstream users – and this could happen on a massive scale. It is worth noting that in the past, the group managed to release other similar products. This includes the U.S. dollar stablecoin or UPUSD and the BTC-pegged token UPBTC.
The Goal To Earn Interest
The UPEUR stablecoin, in particular, will soon be made available via the Uphold platform. The alliance further stated that it can be utilized for the ultimate goal of earning interest via cryptocurrency loan firm Cred’s CredEarn program. The latter is specifically designed to pay back interest for loans of cryptos.
For users to earn interest, they must be deemed within “eligible jurisdictions.” Even more so, they should be able to stake stablecoin via the CredEarn application on the aforementioned platform. UPEUR holdings, on the other hand, can be custodied with crypto storage service providers, such as BitGO and Ledger.
According to Dan Schatt, the co-founder of Cred and alliance, the Universal Euro has the ability to offer access directly to a high rate of return and even come with the same commitment to code quality, transparency, and investor safeguard. It is designed with keeping institutional-level security in mind and structured in a way that it can enable not only quick but also a much affordable conversion to fiat currencies from UPEUR. It even includes UPBTC, UPUSD, and other digital assets.
In what appears to be a similar development, the developer of the dollar-pegged stablecoin TrueUSD called Trust Token revealed that its very own token holders are now able to leverage funds.