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14 Feb 2023
New Stablecoin Whitepaper Aimed at Emerging Markets Announced in Asia
A non-profit group called the Unitas Foundation, formed by a group of venture capitalists and cryptocurrency supporters, has announced a whitepaper that defines what it calls the “new stablecoin category” of unitized stablecoins.
The announcement came in three Asian cities – Singapore, New Delhi, and Taipei. The whitepaper is entitled, “Unitas: A Decentralized, Exogenously Over-Reserved, USD-Denominated Unitized Stablecoin Protocol for Emerging Markets.”
Easy USD Conversion
“Holding a Unitas stablecoin is essentially holding a USD stablecoin,” according to the whitepaper. The coin's names thus begin with “USD” followed by indicators of which nation's currency it is representing.
“Unitas Protocol is fundamentally a value translator between USD stablecoins and other currencies,” according to the whitepaper. “Each Unitas stablecoin can unconditionally convert back to a right amount of USD stablecoins.”
"The goal is to provide transaction ease and efficiency for people in emerging markets," according to United Foundation Co-Founder and Board Member Wayne Huang. "We welcome global members and contributors such as CEX, DEXs, and OTC desks to grow the ecosystem with us."
Blockchain's Immutable Nature
The unchangeable, permanent nature of recording transactions on a blockchain has great appeal for land records, health records and healthcare, online agricultural markets, and government services in developing nations, which comprise more than half of the world's population.
Stable currency flows transacted through blockchain-centric applications hypothetically add another level of usefulness to this appeal. IDCA Research has made note of this whitepaper and taken up the topic of blockchains and stablecoins in emerging markets. Reports will follow in 2023.
Charts from Unitas Foundation.
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