The Universal Protocol (UP) Alliance, a coalition of blockchain firms including crypto exchange Bittrex and decentralized browser Brave, will launch its own euro-pegged stablecoin in April, according to a press release on March 28.
The UP’s stablecoin, dubbed the Universal Euro (UPEUR) will be pegged to the euro on a 1:1 basis and will reportedly allow customers to earn up to 8 percent interest.
The Universal Euro will purportedly be available directly on digital money platform Uphold and participating exchanges, as will be accepted by crypto custodian and device providers such as BitGo and Ledger.
The new stablecoin targets residents in countries with high inflation or limited access to traditional banking, according to the press release. By using UPEUR, users will be able to lend their euro-pegged assets and earn interest.
Founded in 2018, The Universal Protocol Alliance represents an association of six industry organizations such as crypto exchange Bittrex, open-source pay-to-surf browser Brave, university-based eco-system for blockchain Blockchain at Berkeley, events firm Cred, blockchain startup CertiK, and Uphold.
CertiK was founded by academics at Columbia University to develop a formal verification framework that aims to mathematically prove that smart contracts and blockchain ecosystems are free from breaches and security-resistant.
The new stablecoin initiative comes amidst increasing popularity of stablecoins. Recently, Star Xu — founder of exchange services provider OKCoin and crypto exchange OKEx — announced OK Group’s partnership with blockchain-focused trust company Prime Trust, purportedly allowing the firm to launch its own compliant stablecoin.