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Uphold announces expansion of its stablecoin portfolio

April 28, 2020

Uphold, a digital money platform that provides access to investments and payments using blockchain technology, has announced the expansion of its stablecoin offering along with the launch of a “stablecoin center”.

The center, after the announcement, It will provide access to six stable coins on the platform, including four of the most popular in terms of market volume: Tether (USDT), TrueUSD (TUSD), USD Coin (USDC) and DAI.

Uphold has also added Universal Protocol Alliance coins such as UPUSD and UPEUR.

Uphold announces expansion of its stablecoin portfolioUphold announces expansion of its stablecoin portfolio

JP Thieriot, CEO of Uphold, wrote to Cointelegraph and praised the recent addition of stable coins:

“Stable coins are inherently less volatile than cryptocurrencies that are 1: 1 pegged to safe haven currencies like the USD and they are quickly being adopted by central banks around the world. “

According to Thieriot The goal of the new stablecoins center is to enable people to transfer value between stablecoins, traditional banking networks and cryptocurrency markets. He said:

Stable currencies appear to be a measure of interest in cryptocurrencies combined with the shortcomings of the old financial system. The units of account remain the Fiat units of account. Nothing changes on this front. The transition from the bank’s USD to the digital USD only means better speed, more options and, above all, higher interest income. “

Thieriot mentioned that too The stablecoins center enables users to determine which stablecoins are comparatively better than others in terms of transparency, verifiability, liquidity and available interest ratesand added:

“Stable coins have generally come a long way since their introduction, and some of the newer ones are clearly superior to the older ones in almost every way. Hopefully, users will overcome inertia and choose the best-built alternatives. “

Main features to consider

As for the main features of the Stablecoins Center, Uphold said they trusted it Principles of accessibility, connectivity, financial stability and interest in expanding the new product portfolio.

Thanks to the new “Center”, Uphold now offers users access to funds through debit / credit cards and bank accounts in more than 40 countriesalong with wallets in seven cryptocurrency networks. Uphold currently supports more than 50 different currencies, including cryptocurrencies, national currencies and commodities.

Compatible stablecoins can earn up to 10% interest via a third-party app, Earn Cred.

Dan Schatt, CEO of Cred Earn, mentioned that Uphold customers get the most competitive interest rates for stablecoins and said: “We are pleased that this segment of the crypto asset market is maturing.”

Thieriot further noted that Uphold plans to support any new stable coin that turns out to be legitimate and in the public interest.

Rachel Wolfson contributed to this article.

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