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Blockchain Coalition Rolls Out Universal Dollar
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[Image: dollars.jpg]
A group of enterprises in the cryptocurrency and blockchain space has launched a stablecoin pegged to the US dollar and designed to be used as a universal digital asset.

The Universal Protocol Alliance, an organization bringing together early blockchain and cryptocurrency adopters, announced on Tuesday the launch of its Universal Dollar (UPUSD). The project aims to provide a fully transparent digital asset collateralized 1:1 with US dollars held by US-based banks insured by the Federal Deposit Insurance Company (FDIC).

The coalition comprises Uphold, Brave Software, Cred, Blockchain at Berkeley, and FBG Capital. It made its announcement at the San Francisco Blockchain Week, saying the stablecoin has the specific goal of attracting another 100 million users to digital currency. It plans to do so by offering investors access to high-yield deposits and more favorable credit terms than those of traditional banks.

Uphold CEO JP Thieriot commented as follows:

Quote:“This is crypto finally delivering the goods to the mass market. Worldwide, over 2.5 billion people with bank accounts are likely to be interested in cheaper credit and a higher yield on their deposits. This isn't about imagined ‘utility' for a rarified use case. The Universal Dollar should have broad appeal to a wide array of people and, for some in developing economies, could be life-changing.”

Through UPUSD, users get access to a $250 billion credit pool and the benefit of annual interest rates of between 2% and 5%. In addition, they can avail themselves of loans extended at single-digit interest rates.

The UPUSD utilizes the reserve management system created by Uphold, which the coalition described as “the world’s most transparent digital money platform,” with almost $4 billion worth of transaction handled so far.

Thieriot went on to add:

Quote:“Without thousands of employees, miles of high-rent real estate and the baggage of legacy systems, companies in our industry have a big structural advantage over traditional banks. This advantage has to accrue to the benefit of the mass market, or our industry will remain the exclusive domain of technophiles and speculators.”

Aside from the several safeguards and safety features, the stablecoin also has built-in loss recovery of private keys, an inheritability element, and lower exchange risk courtesy of a “detachable” wallet.

In addition, the UPUSD could serve as the basis for creating mainstream financial products that would promote the use of cryptocurrencies and blockchain because practically anyone can acquire digital assets and use them as loan collateral, Thieriot noted.

Last month, New York-based crypto startup Carbon launched its CarbonUSD (CUSD), which is another stablecoin pegged to the US dollar.

by  Komfie Manalo

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