Industry coalition aims to bring next 100 million users to
cryptocurrency space with access to better yields, better credit
SAN FRANCISCO–(BUSINESS WIRE)–The Universal
Protocol Alliance, a coalition of leading blockchain organizations,
including Uphold, FBG Capital, Cred, Blockchain at Berkeley, and Brave,
announced today, at San Francisco Blockchain Week, their Universal
The UPUSD is a fully-transparent, digital asset that is collateralized
1-to-1 with U.S. dollars to be held at U.S. domiciled, FDIC-insured
banks. The stablecoin is specifically designed to attract the next 100
million users into crypto by allowing investors around the globe to
access higher yields on deposits and more affordable credit than
available from many traditional banks.
UPUSD offers users access to a quarter-billion-dollar line of credit;
pays an annual rate of interest of between 2 and 5 per cent; and enables
holders to access flexible loans with single-digit rates of interest.
The stablecoin is underpinned by reserve management developed by Uphold,
the world’s most transparent digital money platform, which has handled
nearly $4 billion in transactions and publishes its assets and
liabilities in real-time.
“This is crypto finally delivering the goods to the mass market,” said
JP Thieriot, CEO of Uphold. “Worldwide, over 2.5 billion people with
bank accounts are likely to be interested in cheaper credit and a higher
yield on their deposits. This isn’t about imagined ‘utility’ for a
rarified use case. The Universal Dollar should have broad appeal to a
wide array of people and, for some in developing economies, could be
“Without thousands of employees, miles of high-rent real estate and the
baggage of legacy systems, companies in our industry have a big
structural advantage over traditional banks. This advantage has to
accrue to the benefit of the mass market, or our industry will remain
the exclusive domain of technophiles and speculators,” said Thieriot.
The Universal Dollar introduces many of the user safeguards and benefits
expected of conventional financial assets, including:
- Safety: fully reserved, built-in loss recovery and optional custody of
- Inheritability: users may nominate a beneficiary who can “call” the
asset on account dormancy.
- Reduced exchange risk: thanks to a “detachable” wallet that permits
“self custody” at exchanges.
- Yield: can earn up to five per cent annually on the value of digital
- Credit: flexible borrowing on competitive terms, secured by the value
of digital assets.
“The Universal Dollar should help crypto and blockchain jump the rails,
creating mainstream financial products that allow virtually anyone,
anywhere* to buy digital assets, and then borrow against them, as well
as earn interest on fiat-stable deposits,” explained Thieriot.
As part of this initiative, any supported digital asset held at Uphold
could be used to earn interest* and qualify the user for a secured line
“Traditionally, you’ve had to own a home to have access to cheap credit
products, such as the American ‘HELOC’. Now, a new generation can access
similarly convenient credit without such a high bar and through simple
ownership of digital assets,” added Dan Schatt, Co-Founder and President
Earlier this year, Uphold, FBG Capital, Cred, Blockchain at Berkeley and
Brave announced a transparent reserve standard that will underpin a new
family of Universal Tokens aiming to provide ‘safer’, more practical,
and more ‘spendable’ forms of major cryptocurrencies. Alongside the
Universal Dollar (UPUSD), the Universal Protocol Alliance will soon
launch Universal Bitcoin (UPBTC) as an ERC-20-compatible, fully-reserved
and interoperable token.
The Universal Dollar can be used to earn interest with Uphold Earn,
and to access flexible lines of credit with Uphold Borrow. For
more information visit: https://join.uphold.com/
About the Universal Protocol Alliance
A coalition of cryptocurrency companies and blockchain pioneers, the
Universal Protocol Alliance seeks to accelerate the adoption of
blockchain as a mainstream financial technology by making digital assets
more accessible, secure and convenient to own. The Alliance consists of
Uphold, Brave Software, Cred, Blockchain at Berkeley and FBG Capital.
* Subject to KYC-AML-OFAC rules, and the regulatory of restrictions
of certain U.S. states and other jurisdictions.
Universal Protocol Alliance