What is UPUSD?
The Universal Dollar (UPUSD) is a USD backed stablecoin issued by the Universal Protocol. This is part of a new universal transparent reserve standard that introduces digital assets to the world via the Universal Protocol Platform.
UPUSD is the first stablecoin to be listed on Uphold, and is backed 1:1 by the U.S. dollar. It is also 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. 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.
Read more about UPUSD on our blog.