Tether recently announced its funding of XREX, which targets emerging market trade payments. This spotlighted the Unitas Protocol for emerging market currency stablecoins, co-founded by Wayne Huang, XREX’s CEO.
Today stablecoins are dominated by dollars. It can be useful for SMEs to pay with local currencies as well. Hence, the aim is to provide stablecoins that match the unit of account in emerging economies.
The Unitas Protocol involves the issuance of individual currency stablecoins that are over-collateralized by US dollar stablecoins, a little reminiscent of MakerDAO’s DAI, but with some major differences.
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