Decentralized financial contracts platform UMA has partnered with Decentralized Autonomous Organization (DAO) MakerDAO to release a token tied to the United States stock market, UMA announced in a blog post on March 27.

The ERC-20 token, dubbed USStocks, seeks to offer investors access to the U.S. stock market using cryptocurrency. Users can purchase the token using MakerDAO’s own USD-backed stablecoin, Dai (DAI).

Decentralized cryptocurrency exchange DDEX is currently the platform of choice for onboarding potential investors.

“USStocks is an ERC20 token representing synthetic ownership of an index of the 500 largest exchange-listed US stocks. This means that anybody with access to the internet and digital money can participate in the US stock market,” the blog post explained.

The firm specifies that the token tracks an index of the top 500 firms on the New York Stock Exchange and Nasdaq.

“Dai exists to create an inclusive platform for economic empowerment — allowing equal access to the global financial marketplace,” Maker’s CEO and co-founder, Rune Christensen, stated, adding:

“USStocks is an exciting example of how decentralized finance can unlock economic opportunities for people regardless of geography or income level.”

Investors will not take ownership of any stocks, while USStocks ownership represents a bet on a basket, backed by Dai at an overcollateralized ratio of 108.5 percent.

The initial settlement date for settlement is May 15, when USStocks tokens can be exchanged back into Dai.

The move comes amid increasing expansion in the popularity and use cases for stablecoins, which remain overwhelmingly tied to USD worldwide.

At the same time, MakerDAO has sought to resolve teething problems with Dai, the exchange rate of which has consistently fallen below $1 in recent weeks.