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The Universal Protocol (UP) Alliance, a coalition of blockchain companies, including Bittrex Crypto-Exchange and Brave Decentralized Browser, will launch its own Euro-indexed Fixed Information Bulletin in April, according to a press release March 28th.
UP's central unit, Universal Universal (UPEUR), will be pegged to the euro on a 1: 1 basis and allow customers to earn up to 8% interest.
The Universal Euro would allegedly be available directly on the Uphold digital money platform and participating exchanges, as will be accepted by device vendors such as BitGo and Ledger.
According to the press release, the new Stablecoin facility targets residents of countries with high inflation or limited access to traditional banking services. By using UPEUR, users will be able to lend their indexed badets in euros and earn interest.
Founded in 2018, Universal Protocol Alliance brings together six industry-leading organizations, such as Bittrex crypto-exchange, the open-source open source Brave pay-per-view browser, the Blockchain blockchain-based university eco-system in Berkeley, the Cred event company, the startup of CertiK and Uphold blockchain.
CertiK was founded by Columbia University academics with the goal of developing a formal audit framework to mathematically prove that smart contracts and blockchain ecosystems are free from breaches and secure.
The new Stablecoin initiative is part of the growing popularity of Stablecoins. Recently, Star Xu – founder of OKCoin, an exchange services provider, and OKEx, an encryption service provider – announced the partnership between OK Group and the Blockchain-focused Prime Trust, allowing the company to launch its own stable deposit.
Previously, IBM's technology giant's blockchain solutions manager suggested that bank-targeted banknotes would be a major development for the block company's cross-border payment solution.
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