Startup Uphold, founded by bankrupt media mogul Halsey Minor, has launched the Stablecoin Center service for exchangestablecoin USDT, TUSD, USDC, DAI, UPUSD and UPEUR for fiat currencies.
Uphold CEO J. P. Thierio (J. P. Thieriot) said that the platform has expanded the list of supported stablecoins to meet the growing demand for stable cryptocurrencies, especially those secured by the American dollar. According to him, stablecoins tied to fiat currencies in the ratio of 1 to 1 are much less volatile compared to conventional cryptocurrencies, and they will soon be used by central banks from different countries. Stablecoin Center was created so that people can make transactions with stable tokens not only in the cryptocurrency market, but also in traditional banking networks.
"Stablecoins have the potential to address the shortcomings and fill the gaps in the aging financial system.Fiat currencies will remain the unit of account.Transition from banking to digital dollarwill increase the speed of transactions, provide more additional options and, possibly, higher interest income," said J. S. Smith.P. Thierio.
Uphold CEO added that thanksStablecoin Center users will be able to compare stablecoins in terms of transparency, auditability, liquidity and affordable interest rates. According to Thierio, stable cryptocurrencies have come a long way in development, and new stablecoins can outperform older versions of tokens in many ways. Therefore, when choosing supported stablecoins, Uphold adhered to the principles of accessibility, financial stability and interoperability.
Thanks to the new service, Uphold userswill gain access to crypto assets through debit and credit cards, as well as bank accounts in more than 40 countries. Supported stablecoins can generate 10% income through the third-party loan application Cred Earn. Cred Earn CEO Dan Schatt said this interaction is indicative of a “growing” cryptocurrency market. In the future, Uphold plans to add new stablecoins that will meet the necessary requirements and will be in demand among traders.
Last year, Uphold was looking to implement the Ledger Vault custodial solution to improve security and protect against hacks.
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