Universal Protocol Alliance’s Universal Dollar (UPUSD) Launches as First-Ever Interest-Paying Stablecoin
A conglomerate of blockchain-dabbling companies such as Brave, Bittrex International, Cred also not forgetting Bitgo have recently come together to launch a new revolutionary stablecoin. This stablecoin, which goes by the tag Universal Protocol Alliance Universal Dollar (UPUSD) is essentially a dollar-reliant token whose benefactors, holders and investors will earn some substantial interest just like what happens with a regular savings account. This brigade has also announced its ambitious plans to herald the launch of UPUSD in Latin America and Africa as a way of netting the next 100 million users to the mainstream cryptocurrency market.
Souring Demand For Crypto Assets That Pay Interest
The balooning stablecoin economy has seen the rise of options such as GUSD, TUSD, USDC and now the latest UPUSD. In particular, the latest entrant UPUSD is built of the premise of an ERC20 token that allows its holders/investors to earn substantial interest just for staking. This way, it implies that there are several clear parallels that have to be made as far as Blockfi’s cryptocurrency interest account is concerned. Speaking of which, it was launched just last week and promises ETH and BTC holders at least 6 percent in returns yearly. Dan Schatt, the current president of Cred, told the press that UPUSD will pay as high as an unprecedent 10% annually in quarterly interest.
A Cut Above The Rest
There is one thing that distinguishes this Universal Dollar from the conventional competition – the target financial market that it is designed for. UPUSD will come in handy, for example, for countries that are ravaged by a weakened /volatile national currency such as Zimbabwe and Venezuela. And thanks to its promising ‘competitive quarterly and annual return rates’, it is expected that its absorption will be relatively strong in such nations that are riddled with a high inflation rate plus very limited access to traditional banking.
A Passive Income Source For Investors And Token Holders
The upcoming UP platform will additionally enable users to make the best use of their USD-pegged monetary assets in a way to accrue interest through the platform’s Uphold’s Cred Interest Earn Application. It is also worth noting that UPUSD will additionally be rolled out in industrialized and developed countries as a way of permitting users to stash their assets on a 1:1 starting basis at top FDIC-insured commercial banks. The token which will be launched on uphold starting March has received a lot of praise from backers and co-founders for its familiarity and usability
This development and inception are one of the latest examples of how mainstream assets are slowly but surely being replaced by crypto assets that are taking on the features and form of the conventional financial system that they were initially developed to beat.