Blockchain Alliance Launches New Euro Backed Stablecoin

Common Protocol Platform (UPP), a consortium of blockchain firms that goals to make all cryptocurrencies accessible on a single community, is launching a brand new Euro-backed stablecoin, UPEUR. Much like Tether, UPEUR is fiat-collateralized with every stablecoin unit is backed by a corresponding unit of Euro.

The coin will likely be out there for fast use on UPP’s collaborating exchanges together with Bittrex Worldwide, Courageous, Cred, and Bitgo. The corporate additionally guarantees to signal main crypto custodians and gadget suppliers, akin to BitGo and Ledger, to help its stablecoin.

Extra curiously, the UP platform will allow customers to lend their UPEUR holdings and earn curiosity of as much as eight % through Uphold’s Cred Earn utility, identical to a daily financial savings account.

Created to fulfill euro-biased crypto fans, UPP believes that the brand new token can present safety during times of utmost volatility available in the market whereas bettering the danger and return metrics of crypto-investment portfolios.

Stablecoins proceed to pop up

With all of the controversy and distrust surrounding Tether (USDT), it’s no shock {that a} multitude of recent options has popped up just lately. Simply yesterday, CEO of common trade OKEx mentioned his firm is backing a brand new cryptocurrency that might be pegged to the U.S. greenback, in a partnership with SEC-regulated custodian Prime Belief.

Commenting on the information, Dan Schatt, co-founder of the Common Protocol Alliance and Cred, mentioned: “The Common Euro affords entry to a excessive charge of return and the identical dedication to code high quality, investor safeguards and transparency. UPEUR is architected with institutional-level safety in thoughts and designed to permit for fast, low-cost conversion of UPEUR to fiat currencies, UPUSD, UPBTC or different digital belongings. We’re thrilled to make this stablecoin out there within the close to future.”

JP Thieriot, CEO of Uphold, added: “The Common Euro is a part of a household of tokenized digital belongings we now have launched that can facilitate the moment and seamless conversion of various types of worth. In doing so, the UP Platform will unlock the huge and untapped full potential of blockchain to remodel how people and companies retailer and switch worth, with Common Tokens representing the subsequent technology of digital cash.”

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