First "Unitized" Stablecoin Protocol: Unitas Foundation Releases Whitepaper
Unitas Foundation defines a new stablecoin category - unitized stablecoins, which serve as units of account representing emerging market currencies. Its whitepaper Unitas: A Decentralized, Exogenously Over-Reserved, USD-Denominated Unitized Stablecoin Protocol for Emerging Markets is released in six languages: English, Traditional and Simplified Mandarin, Japanese, Korean, and Spanish.
Unitas' unitized stablecoins are decentralized and over-reserved with exogenous USD stablecoins (e.g., USDT, USDC, Dai, etc.); Unitas stablecoins are pegged to emerging market currencies.
Holding a Unitas stablecoin is essentially holding a USD stablecoin. Therefore, Unitas stablecoin names begin with "USD" and are affixed with their corresponding country codes, e.g., USD91 for Indian Rupee, USD971 for UAE Dirham, and USD1 for US Dollar. Holding 1 USD91 is essentially holding 1/81 of a USD stablecoin (the exact rate depends on the Unitas oracle).
Unitas Protocol is fundamentally a value translator between USD stablecoins and other currencies, and guarantees that each Unitas stablecoin can unconditionally convert back to a right amount of USD stablecoins.
"The goal is to 'unitize' a USD stablecoin into one local currency unit, thereby providing transaction ease and efficiency for people in emerging markets," said Wayne Huang, Co-Founder and Board Member of Unitas Foundation. "We welcome global members and contributors such as CEX, DEXs, and OTC desks to grow the ecosystem with us."
Unitas Foundation is a non-profit organization started by cross-border payment and blockchain veterans. Draper Dragon's Venture Partner Matt Huang, BitoGroup's CEO Titan Cheng, Term Structure's CEO Jerry Li, ACE Digital Assets Management Group's Founder David Pan, former Director of Societe Generale and Head of Matrixport Taiwan Ethan Yang, XREX's Co-Founder and CRO Winston Hsiao, XREX's CISO and General manager Sun Huang are among the founding members.
"This levels the playing field for emerging market businesses and entrepreneurs by elevating their financial sovereignty and integrating them into the global financial and DeFi systems," said Jerry Li.