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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SOURCE Unitas Foundation