The Universal Protocol Alliance, an organization bringing together early blockchain and cryptocurrency adopters, announced on Tuesday the launch of its Universal Dollar (UPUSD). The project aims to provide a fully transparent digital asset collateralized 1:1 with US dollars held by US-based banks insured by the Federal Deposit Insurance Company (FDIC).

The coalition comprises Uphold, Brave Software, Cred, Blockchain at Berkeley, and FBG Capital. It made its announcement at the San Francisco Blockchain Week, saying the stablecoin has the specific goal of attracting another 100 million users to digital currency. It plans to do so by offering investors access to high-yield deposits and more favorable credit terms than those of traditional banks.

Uphold CEO JP Thieriot commented as follows:

“This is crypto finally…

This article appeared first on Cryptovest

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