What is Universal Gold? Universal Gold is a 1:1 indexed stablecoin to troy ounce gold, widely used in Australia. cryptocoin.com In this article, we tried to answer the questions that investors wonder, such as what Universal Gold is, what it offers, what is UPXAU and how to get it. Let’s examine this stablecoin, which is indexed to the gold price, together.
What is Universal Gold?
Universal Gold (UPXAU) is a stablecoin asset owned by Blockchain and altcoin project Universal Protocol (UPT). This stablecoin is indexed to the price of troy ounces, an Australian-based unit of gold. Accordingly, UPXAU tracks the value of troy ounce gold at a ratio of 1:1. The project aims to remove intermediaries and barriers by bringing gold, a commodity, into the blockchain space. In order to do this, it was created with the ERC-20 smart contract on the Ethereum network.
What does Universal Gold offer?
Universal Gold is not affected by the recent distrust of stablecoins in the cryptocurrency market. As we reported earlier, trust in stablecoins has waned due to the collapse of Terra’s UST coin. However, this gold-indexed stablecoin is fully government-backed. So for every stablecoin produced, 1 troy ounce of gold is held in the state. Thus, the stablecoin’s price stability becomes possible. However, the project allows users to have easy access to the bottom.
Users can buy any amount of gold they want with simple transactions. There is no set minimum fee for purchasing cryptocurrencies. However, the project supports Uphold credit cards. With these credit cards, users can withdraw a certain part or all of the Universal Gold in their accounts in cash. In addition, there are no service fees and gas fees for transactions made with this cryptocurrency. So it is a stablecoin asset that is completely free to hold and transfer.
What does UPXAU do?
UPXAU is the abbreviation of Universal Gold indexed to troy ounce gold. This stablecoin can be used by investors for various purposes. The first of these is value retention. Due to its low price volatility, gold has historically been a safe investment vehicle in times of crisis. Accordingly, investors can use UPXAU to protect their funds in times of crisis in the economy or the crypto market.
In addition, investors can use UPXAU to hold gold for free and with government support. Meanwhile, Universal Gold is a cryptocurrency that can be stored on an Uphold credit card. In other words, investors can withdraw their UPXAUs in cash from ATMs with Uphold cards, if they wish. This is a rare advantage among cryptocurrencies. However, due to its service fee and transaction fees-free nature, it also allows for inexpensive asset trading.
What is Universal Gold? How to get UPXAU?
Universal Gold is currently traded on only one known exchange in the crypto space. This exchange is Bittrex. Users who want to buy stablecoin should follow the steps to become a member of the Bittrex exchange and verify the account. After verifying their accounts, they need to deposit an asset in their wallet according to UPXAU parities. After doing this, they can buy UPXAU based on the balance in their wallet.
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