Digital money platform Uphold has announced the listing of stablecoin Universal Dollar (UPUSD) on its platform.
UPUSD is the first stablecoin to be listed on Uphold, and is pegged on a 1:1 ratio to the US dollar.
Uphold said UPUSD was the first stablecoin of its kind to be minted on-chain with every verifying transaction written to the Ethereum public blockchain so that all users can see and verify UPUSD is 100 per cent backed with US dollars.
“The Universal Dollar shows that crypto is finally delivering on the promise of mass appeal,” said Uphold CEO JP Thieriot.
“Especially relevant in developing economies, the protections, interoperability and financial services offers a number of benefits to Uphold members.”
The stablecoin will launch first in Latin America, and eligible holders of UPUSD outside of the US may be able to access a potential annual return through Cred’s CredEarn product, an application available on the Uphold platform.
Key features of the UPUSD stablecoin include recoverability, with users able to recover their private key and reclaim assets if needed.
Users can also nominate beneficiaries who may ‘call’ the assets after prolonged account dormancy, and every time USD is purchased on the Uphold platform they can initiate an exchange and request new minting of UPUSD.