If there is one word that should often go hand in hand with the crypto industry, then it should be “innovation” as the years have shown.
Recently, the latest of those innovations is a new stablecoin by Universal Protocol Alliance— a group of six notable cryptocurrency companies — due for release this April.
According to the announcement about the new stablecoin dubbed Universal Euro (UPEUR), the allying companies namely, Cred, Bittrex, Brave, Blockchain, CertiK and Uphold noted that their target market includes people who are searching a cryptocurrency that has low volatility.
Additionally, the companies believe that some of these people would include those who live countries with “high inflation or limited access to traditional banking,” a situation we reported is currently faced by Argentina.
UPEUR Main Feature
The soon to be launched stablecoin would allow users the opportunity to stake their assets with CredEarn, a platform offered by Cred, one of the allying companies. In exchange for doing so, the lender would annually get 8% of the euro-pegged assets he staked.
Such a model would be different from what other stablecoins offer despite their success in recent times. For instance, Tether USDT, Gemini GUSD, and TUSD are backed by fiat reserves and do not promise holders any annual returns.
Speaking in the announcement, Cred's co-founder shared more insight into what they've built into the UPEUR stablecoin. He said,
“The Universal Euro offers access to a high rate of return and the same commitment to code quality, investor safeguards, and transparency.”
Meanwhile, as Stmarket.co had reported previously, that the market for stablecoins has continued to improve despite, because of the less volatile nature of the tokens, U.S banking giants JP Morgan Chase recently unveiled the JPM Coin, while social media giants Facebook are also reportedly developing a stablecoin for WhatsApp Money transfers.
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