We are pleased to announce that XREX is participating in Unitas sandbox and has listed USD1, USD91, and USD971 today.
Unitas is the first over-collateralized, USD exchange-rate-derived stablecoin protocol for multiple emerging markets. USD1, USD91, and USD971 are the first three tokens issued for the protocol’s sandbox phase.
Unitas stablecoins reflect the value of a USD stablecoin in proportion to one unit of each local currency, and are affixed with their corresponding country code, eg. USD91 for the Indian rupee, USD971 for the UAE dirham, and USD1 for the US dollar. USD1 is the base stablecoin of Unitas, which reflects the value of 1 US Dollar.
USD91 reflects the value of India’s rupee as a proportion of USD. This means that if USD/INR exchange rate is 1:80, USD91 stands for 1/80 of USD, which roughly translates to 0.0125 USD.
With the same logic, USD971 reflects the value of the United Arab Emirates’ dirham as a proportion of USD. If USD/AED is 1:3.6, USD971 stands for 1/3.6 of USD, which roughly translates to 0.278 USD.
The real rates will be reflected timely by the Unitas price oracle.
XREX finds great synergy with the Unitas team; XREX aims to help cross-border merchants use stablecoins to accelerate international payments and solve dollar shortage issues, and Unitas Foundation brings a new dimension of USD exchange-rate-derived stablecoins application and tokenomics. Our co-founders Wayne Huang and Winston Hsiao also joined Unitas Foundation as founding members.
We look forward to working with Unitas Foundation and introducing more crypto innovations that can drive financial inclusion and redefine banking together.
On XREX crypto-fiat exchange, users can trade and swap the new eight pairs as below:
USD1
- USDT/USD1
USD91
- USD/USD91
- USDC/USD91
- USDT/USD91
- BTC/USD91
- ETH/USD91
USD971
- USDT/USD971
- BTC/USD971
- ETH/USD971
For more information about the tokenomics design and how to participate, please visit Unitas Foundation’s website or contact them via team@unitas.foundation and Twitter @unitasprotocol.
Let’s redefine banking together!
The XREX team
Legal Disclaimer:
- The press release is only for informative purposes. 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.
- XREX Inc. and its subsidiaries (collectively “XREX Group”) are the contributors to the USD Stablecoin Protocol initiated by Unitas Foundation.
- The USD Stablecoin Protocol (“Protocol”) is an experiment intended to be a decentralized financial tool. For the avoidance of doubt, the 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, the USD Stablecoin Protocol 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.
