An Interest-Earning Stablecoin is to be Launched by the Universal Protocol Alliance
By Tyler Smith – Cryptocurrency Expert
A group of blockchain companies part of the Universal Protocol Alliance have stated their ambitions to launch a dollar-pegged Stablecoin that earns interest much like a conventional savings account. Investors will soon be able to buy crypto native to this blockchain to stake and earn interest. The new Stablecoin is to be called the Universal Protocol Alliance’s Universal Dollar under the symbol UPUSD.
The group hopes to introduce the coin in Africa and Latin America as they believe these continents can attract millions of new users to the cryptocurrency markets. Many of these citizens have no exposure to crypto due to connectivity and incompatibility of devices. Universal Protocol have developed their Stablecoin to be accessible via phone in which many of these citizens will be able to buy and sell cryptocurrency directly from their mobile devices.
The coin has gained the backing of large organisations such as Bittrex International, Uphold, Brave and Bitgo among others. Many of the backers have exchanges and infrastructure that will help facilitate the crypto buying of UPUSD. The Cred, a company that provides interest on crypto assets, has stated UPUSD’s capability of paying quarterly interest as high as 10 percent annually. The assets that are staked earn interest through Uphold’s Cred Earn Application.
The Stablecoin market is continuously attracting new additions with more than 20 now available. USD sees most of the competition as many of these coins are pegged to it. This coin, however, is not just a standard coin that is pegged to the dollar value, but incentives those by earning interest for staking. This concept is not new but hasn’t been introduced to a Stablecoin yet.
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