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SINGAPORE & NEW DELHI & TAIPEI, Feb. 14, 2023/PRNewswire/ — The Unitas Foundation defines a new stablecoin category: unitized stablecoins, which serve as representative units of account for emerging market currencies. His white paper Unitas: A Decentralized, Exogenously Over-Reserved, USD-Denominated Unitized Stablecoin Protocol for Emerging Markets is published in six languages: English, Simplified and Traditional Mandarin, Japanese, Korean, and Spanish.
Unitas unitized stablecoins are decentralized and over-reserved with exogenous USD stablecoins (eg USDT, USDC, Dai, etc.); Unitas stablecoins are pegged to emerging market currencies.
Having a Unitas stablecoin is essentially having a USD stablecoin. Therefore, Unitas stablecoin names start with “USD” and are accompanied by their corresponding country codes, for example, USD91 for the Indian rupee, USD971 for the UAE dirham, and USD1 for the US dollar. Holding 1 USD91 is essentially holding 1/81 of a USD stablecoin (the exact exchange rate depends on the Unitas oracle).
The Unitas Protocol is essentially a translator of value between USD stablecoins and other currencies, ensuring that each Unitas stablecoin can be unconditionally converted into the correct amount of USD stablecoins.
“The goal is to ‘unitize’ a USD stablecoin into a local currency unit, thereby making transactions easier and more efficient for people in emerging markets,” said Wayne Huang, Co-Founder and Board Member of Unitas Foundation. “We welcome global members and collaborators like CEXs, DEXs and OTC desks to grow the ecosystem with us.”
Unitas Foundation is a non-profit organization started by veterans of cross-border payments and blockchain. Matt Huang, Venture Partner at Draper Dragon, Titan Cheng, CEO of BitoGroup, Jerry Li, CEO of Term Structure, David Pan, Founder of ACE Digital Assets Management Group, Ethan Yang, Former Head of Societe Generale and Head of Matrixport Taiwan XREX CRO Co-Founder Winston Hsiao, XREX CISO and CEO Sun Huang are among the founding members.
“This paves the playing field for emerging market companies and entrepreneurs, elevating their financial sovereignty and integrating them into global DeFi and financial systems,” said Jerry Li.
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 unlock the potential of emerging markets by facilitating foreign investment, cross-border payments, global market access, DeFi participation, efficient USD liquidity, and much more.
To learn more about Unitas Foundation, visit their official website ( https://unitas.foundation), Wiki, Telegram, Twitter, blog, or write an email to team@unitas.foundation.
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