The Universal Protocol Alliance, a coalition of blockchain organisations, including Bittrex, has announced plans to launch the Universal Euro (EPEUR) this month. The token is aimed at users “looking to keep their assets in Euros, and those looking for low volatility and a competitive annual rate of return”.
The stablecoin will offer nearly the same features as most cryptocurrencies, including key recovery, inheritability, detachability and dynamic code generation.
According to the press release, UPEUR provides a transparent and secure way for users to store their digital assets held on a 1:1 basis. The team claim that by “building foundational architecture for interoperability”, their platform will “allow users to interact with multiple cryptocurrencies (and an abundance of other assets) on a single blockchain”.
Earn Interest Through Crypto Loans
“The Universal Euro offers access to a high rate of return and the same commitment to code quality, investor safeguards and transparency,” said Dan Schatt, Co-founder of the Universal Protocol Alliance and Cred.
The UPEUR will be available on the digital money platform Uphold and users will be able to earn interest via crypto loans firm Cred by lending their Euro-pegged assets. They are targeting users in countries with high inflation or limited access to traditional banking.
The Universal Protocol Platform allows for the minting, custody, and storage of digital ‘proxy’ assets that allow for better digital asset products, and the introduction of a set of safeguards required for the mainstream adoption of cryptocurrency.
“UPEUR is architected with institutional-level security in mind and designed to allow for quick, low-cost conversion of UPEUR to fiat currencies, UPUSD, UPBTC or other digital assets,” said Schatt. “We’re thrilled to make this stablecoin available in the near future”.