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Today, we’re excited to announce the support of a revolutionary stablecoin that aims to propel cryptocurrency into the mainstream. The stablecoin, known as the Universal Dollar (UPUSD), is the first stablecoin to be listed on Uphold, is issued by the Universal Protocol Alliance and is pegged on a 1:1 ratio to the U.S. dollar.

UPUSD is 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% percent backed with U.S. dollars*.

Launching first in Latin America, UPUSD aims to be the most trusted stablecoin by making the substantiation process entirely transparent and auditable on chain. Additionally, eligible holders of UPUSD outside the U.S. may be able to access a potential annual return through CredEARN**, a third-party application available on the Uphold platform.

Key features of the stablecoin include:

  • Recoverability: Remembering a complex private key may be intimidating for the average bank account holder; UPUSD users can recover their private key and reclaim assets if needed
  • Inheritability: Users can nominate beneficiaries who may ‘call’ the assets after prolonged account dormancy. The exact period of dormancy and the address will be configured during wallet instantiation
  • Full transparency: Every time a user purchases USD on the Uphold platform, they can initiate an exchange and request new minting of UPUSD. The new UPUSD is instantly minted on the Uphold reserve, and a record of this transaction is recorded on the Ethereum blockchain.

The Universal Dollar shows that crypto is finally delivering on the promise of mass appeal.

How to buy UPUSD on Uphold:

Web App

  1. From your dashboard, click on “Add card/currency.”
  2. Name your card, select “UPUSD” as the currency, and click “create.”  
  3. Click “Add funds.”
  4. Select a funding option:
    1. U.S. bank account;
    2. Eurozone bank account;
    3. My Uphold funds;
    4. Crypto wallet.
  5. Follow the relevant instructions above.

Mobile App

  1. Tap the Menu and select “Buy”.
  2. On the next screen, select UPUSD.
  3. Choose a card if you have more than one.
  4. Select a funding option:
    1. U.S. bank account;
    2. Eurozone bank account;
    3. My Uphold funds;
    4. Crypto wallet.
  5. Follow the relevant instructions above.

At Uphold, we’re proud to support currencies that are truly innovative. We make buying, hodling, converting, and sending value between the 30+ digital and traditional currencies we support easy for anyone to understand and anyone to do.

 

*U.S. dollars are held at banks located in the United States with the intention of being eligible for FDIC “pass-through” deposit insurance, subject to applicable limitations.

**Uphold is not a lender, loan broker, or loan arranger and is not offering anyone advice or assistance in obtaining a loan. CredEarn is a third party product subject to additional terms and conditions. Only certain digital assets are eligible for CredEarn; Not available in all jurisdictions. Uphold does not guarantee any returns.