TAIPEI, Sept. 18, 2024 /PRNewswire/ -- Unitas Foundation
announced today that the second phase of Unitas Protocol is now
live on the mainnet. This phase introduced insurance providers
(IPs) who will lend their USDT to the Unitas Protocol to support
its over-collateralization. Concurrently, the 4REX tokenomics
system has begun its operations, including auctions, profit
sharing, and IP-related benefits.
"This milestone completed the first iteration of the Unitas
stablecoin ecosystem— a USDT-backed unitized stablecoin
mechanism," said Sun Huang,
Co-founder and Chief Technology Officer of Unitas Foundation. "Now,
anyone can 'unitize' USDT into one local currency unit, including
USD91 (INR-pegged), USD971 (AED-pegged), USD84 (VND-pegged), and USD1 (USD-pegged) with the over-collateralization
provided by IPs."
The concept of reserving USDT as a store of value while dealing
in the local unit of account is designed to address dollar
shortages in emerging markets, improving both transactions and
cross-border payments.
"We are thrilled to complete the USDT-reserved Unitas system,"
said Wayne Huang, Co-Founder and
Board Director of Unitas Foundation. "The real-world applications
in developing countries will be the main focus of the next stage.
Meanwhile, our team is building the second Unitas ecosystem which
will be backed by Tether Gold (XAUt). The transition from USD to
Gold represents an exciting development for the stablecoin
movement, and we are pleased to collaborate with Tether, the
world's largest stablecoin issuer on this project."
Unitas Foundation, Tether, and XREX Group, a blockchain-enabled
financial institution, will work together to launch XAU1, a USD-pegged unitized stablecoin
over-reserved with XAUt, providing customers with a stable
alternative and a hedge against inflation.
Unitas Foundation will unveil more exciting details at the
second edition of the Stablecoin Summit, held on 20 September
at Andaz Singapore as a side event of TOKEN2049.
About Unitas Foundation
Unitas Foundation is a non-profit organization founded in
2022. Unitas Protocol operates exogenously over-reserved
stablecoins pegged to emerging market currencies. These stablecoins
unleash emerging market potentials by facilitating foreign
investment, cross-border payment, global market access, DeFi
participation, efficient USD liquidity, and more.
To learn more about Unitas Foundation, visit its official
website, Wiki, Telegram, X (formerly known as Twitter), blog, or
email team@unitas.foundation.
Disclaimer:
- The press release is for informative purposes only. It does not
solicit funds, constitute contractual offers or promises, or
proffer any legal, investment, or tax advice. Please seek a
licensed professional's support to address your particular
situation should you need any professional advice.
- Unitized stablecoin is an experiment intended to be a
decentralized financial tool. To avoid doubt, crypto assets and
stablecoins involved within the Protocol are not insured or audited
by any third party, licensed or endorsed by any regulatory
authority. Thus, unitized stablecoin is subject to various risks,
including but not limited to liquidity risk, cybersecurity risk,
regulatory risk, transactional risk, and human error risk. Please
do your own research before participating in the Protocol. You can
find more information at unitas.foundation.
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