Universal Protocol Alliance for the launch of Euro-Pegged Stablecoin in April

The Universal Protocol (UP) Alliance, a coalition of blockchain companies, including cryptobureau Bittrex and decentralized browser Brave, is launching its own euro-linked stablecoin in April, according to a press release of 28 March.

The stablecoin of the UP, also known as the Universal Euro (UPEUR), is linked to the euro on a 1: 1 basis and is said to enable customers to earn up to 8 percent interest.

The Universal Euro is reported to be directly available on the Uphold digital money platform and participating exchanges, as accepted by crypto-protected and device providers such as BitGo and Ledger.

The new stablecoin is aimed at residents of countries with high inflation or limited access to traditional banking, according to the press release. By using UPEUR, users can borrow their euro-linked assets and earn interest.

The Universal Protocol Alliance, founded in 2018, represents an association of six industry associations such as Bittrex crypto exchange, Brave open-source browser, the university-based blockchain blockchain ecosystem in Berkeley, Cred event agency, CertiK blockchain startup and Uphold .

CertiK was established by academics from Columbia University to develop a formal verification framework that aims to prove mathematically that smart contracts and blockchain ecosystems are free from breaches and are security-resistant.

The new stablecoin initiative comes in the midst of the increasing popularity of stablecoins. Recently Star Xu – founder of OKCoin and crypto exchange OKEx – announced the cooperation of OK Group with blockchain-focused trust company Prime Trust, with which the company could launch its own compatible stablecoin.

Earlier, IBM's head of blockchain solutions announced that bank-focused stablecoins will be an important future development for the company's cross-border payment solution for blockchain.

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