(This article is provided by the Unitas Foundation)
The Unitas Foundation has created a new category of stablecoins: unit stablecoins, which generate excess reserves of U.S. dollar stablecoins and whose value is anchored to local currencies in emerging markets. They serve as the pricing unit for cryptocurrency transactions and traditional cross-border trade payments. Today Officially published its white paper "Unitas: A Decentralized, Exogenously Over-Reserved, USD-Denominated Unitized Stablecoin Protocol for Emerging Markets", released in English , Traditional Chinese, Simplified Chinese, Japanese, Korean and Spanish six language versions.
The unit stablecoin issued by Unitas is decentralized and consists of excess reserves of exogenous U.S. dollar stablecoins such as USDT, USDC, and DAI, and its value is constantly maintained "one-to-one" with the currencies of specific developing countries.
The essence of holding Unitas stablecoin is to hold US dollar stablecoin. Therefore, in terms of naming, each Unitas stablecoin is identified by its country code. USD91, USD971, and USD1 are respectively anchored to the Indian rupee (+91), the United Arab Emirates dirham (+971), and the US dollar (+1). This also means that holding a USD91, according to the exchange rate at the time of publication, is equivalent to holding 1/81 of a US dollar stable currency (the actual exchange rate is based on Unitas’ current figure). As a translator between U.S. dollars and other currencies, the decentralized Unitas protocol ensures that every Unitas stablecoin can be unconditionally exchanged back for U.S. dollar stablecoins.
Huang Yaowen, co-founder and director of the Unitas Foundation, said: "The design of the Unitas protocol is to cut the US dollar stable currency into a unit of local currency, thereby allowing people in developing countries to enjoy more convenient and efficient transactions. We welcome the center Global partners and developers such as centralized exchanges, decentralized exchanges, over-the-counter trading service providers, cross-border cash flow merchants, and game companies will work with us to build the Unitas ecosystem.”
Pan Yizhang, founder of ACE Digital Asset Management Group, said: "Stablecoins are an important medium to improve financial efficiency and trade circulation, but the issuance mechanism is very important. Through foundations and decentralized models, human control and regulatory concerns can be significantly reduced, and It can be expanded to the whole world. I believe this will also be a major breakthrough and trend in the future."
The Unitas Foundation is a non-profit organization founded by cross-border payment experts and early adopters of blockchain technology. Stephen Ryan, senior vice president of Mastercard, Huang Yaoming, investment partner of the famous Silicon Valley venture capital Draper Dragon, Zheng Guangtai, founder and CEO of Bito Group, Term Structure executive who was responsible for the Greater China trading team of Deutsche Bank and served as a member of the Global Emerging Markets Executive Committee Chairman Li Weijie, founder of ACE Ace Digital Innovation Group Pan Yi-chang, former Société Générale director and head of Matrixport Taiwan Yang Chunlan, as well as XREX exchange co-founder and chief revenue officer Xiao Huizhong, and information security chief and general manager Sun Huang, are all Is a founding member of the Unitas Foundation.
Li Weijie, who has been deeply involved in the finance and banking industry for a long time, said: "This initiative will create fairer opportunities and competitiveness for merchants and entrepreneurs in emerging markets, further enhance their financial autonomy, and integrate with the global financial and DeFi systems."
This article DeFi USD Stablecoin White Paper | Unitas improves financial efficiency in developing countries, XREX, ACE, Token Trust, and Mastercard responded first appeared in Chain News ABMedia.