The blockchain interoperability project Universal Protocol Alliance (UPA) has announced they will be releasing a Euro-backed stablecoins called the Universal Euro (UPEUR). The UPEUR can be staked for interest.
There’s been much speculation over stablecoins. Many analysts have hailed their rise in 2018 and early 2019 as the predecessor to widespread blockchain adoption. Still, those within the U.S. Securities and Exchange Commission remain divided on the issue. Some even view stablecoins as a security.
Now, we have yet another stablecoin to add the growing number of them currently available on the market. The Universal Protocol Alliance (UPA), a blockchain group committed to interoperability, is creating their own Euro-pegged stablecoin. Called the Universal Euro (UPEURO), the stablecoin will be used on the Universal Protocol Platform.
The First Euro-backed Stablecoin?
UPA is a group consisting of some big names in the cryptocurrency space. These include Bittrex International, Brave, Uphold, and CertiK. Together, the companies have formed a union to allow for communications between blockchains. UPEURO will be another piece towards this goal.
Users in “eligible jurisdictions” will be able to use UPEUR and can even stake them to earn interests via the CredEarn program. Up to 8% interest can be earned, according to a press release.
All of this will be done through the Universal Protocol Platform which will cover mining, custody, and storage of digital assets. UPA expects that their platform will allow for a certain set of safeguards to be met for mainstream adoption to become possible.
What do you think of the UPEUR? Do we need another stablecoin? Let us know your thoughts in the comments below.
Image courtesy of Universal Protocol.