Blockchain coalition firm, the Universal Protocol (UP) Alliance announced their plan to issue their own stablecoin on April.
To those unfamiliar with UP Alliance, it is a coalition of several blockchain organizations, such as Bittrex International, Brave, Uphold, Cred, Blockchain at Berkeley, and CertiK.
It was formed to attract the next 100 million users to cryptocurrency through the combined expertise of each of its member.
According to the press release, the stablecoin will be called the Universal Euro (UPEUR) and like its name, it will be pegged to Euro on a 1:1 basis.
UPEUR targets people living in high inflation countries or those with limited access to traditional banking, with which they can lend their Euro-pegged assets and earn interest.
Moreover, since it’s designed with institutional-level security in mind to allow for quick, low-cost conversion of UPEUR to fiat currencies and digital currencies, the UP Alliance is convinced that UPEUR will be able to provide access to a high rate of return, at the same time, give high rate of return and the same commitment to code quality, investor safeguards and transparency.
Following the launching next month, the UP Alliance said that UPEUR will be available directly on UpHold, BitGo, Ledger as well as several other not-mentioned participating exchanges.
Looks like this year the stablecoin competition will be pretty tight. Just a couple of days ago, OK Coin announced they will be launching their stablecoin, OKUSD in the near future.
Meanwhile, TRON’s newly-launched stablecoin, USDT-TRON already has the support from several major crypto exchanges. The company itself is currently holding an exciting $20 million incentive scheme for all USDT-TRON holders.