Euro Stablecoin supported by Bittrex can be wagered for 8% interest

A group of six blockchain companies called the Universal Protocol Alliance will launch next month a stable euro based on the euro.

The alliance announced the new Thursday, saying that its "universal euro" token (UPEUR) was intended for users looking for low-volatility cryptocurrency. The stable group can also potentially offer holders an annual rate of return of 8%, said the group.

"In countries with high inflation or limited access to traditional banking services, users can now lend their holdings to the euro and earn interest," the companies said.

Besides Cred, the alliance includes Bittrex Crypto Exchange, a web browser based on the Brave blockchain, the Uphold start-up in the field of cryptocurrency, the Blockchain student organization in Berkeley and the flat Audit platform Blockchain, CertiK. Together, the group says it wants to create "unique digital money products designed to mbadively attract mainstream users."

The alliance has already published other similar products, such as the US dollar stablecoin (UPUSD) and the bitcoin indexed token (UPBTC).

The UPEUR stablecoin will be available directly via the Uphold platform, the alliance said, adding that it could be used to generate interest via Cred's Cred's lending business program, which allows to repay the interest of digital badet loans.

To gain interest, users "eligible jurisdictions" will be able to stake out the stablecoin via the CredEarn application on Uphold. UPEUR credits can also be held with cryptocurrency storage providers such as Ledger and BitGo.

Dan Schatt, co-founder of the alliance and Cred, commented:

"The universal Euro offers a high rate of return and the same commitment to code quality, investor protection and transparency. UPEUR has been designed with the concern of security at the institutional level and is designed to allow a quick and inexpensive conversion of UPEUR into fiduciary currencies, UPUSD, UPBTC or other digital badets. "

TrustToken, the developer of TrueUSD, also announced that token holders could now use their funds to achieve "up to 8%" annualized returns. TrustToken has also partnered with Cred for the effort, while Uphold, BitGo, Bittrex and Ledger have joined the group as child care providers.

Euros image via Shutterstock