💵UFD Stablecoin

UFD Stablecoin is a decentralized, asset-backed cryptocurrency with a strict 1:1 peg to the US dollar. UFD is stored in cryptocurrency wallets or on other platforms and can be used on popular blockchains. Essentially, UFD is a digital representation of the US dollar, and the name UFD exists for positioning outside our network. In the protocol's banking application, generated stablecoins will be indistinguishable from fiat currency.

The main feature of UFD is its ease of use. Users can purchase UFD on the market, fund the banking application using traditional currency transfer methods, or receive it as a means of payment. Through the application, users can make payments for any goods and services within the Metamorphosis network, and in the future, issue payment system cards popular in the regions where users reside (VISA, MasterCard, etc.). Users will also have the option to acquire UFD by depositing collateral assets.

UFD can be used like any other cryptocurrencies: sent, used to pay for goods and services, and receive rewards in Up tokens for holding UFD in wallets. Users who use and hold UFD will have additional benefits and income without the need to provide liquidity for interest. UFD is fully backed, meaning there is a reserve in the protocol's vault equivalent to every issued token. All UFD transactions are publicly accessible.

UFD serves the functions of regular money. Thanks to its stable peg to the US dollar, it can be used for saving, serving as a standard of value in the exchange of goods, work, and services, as well as for loans and debt coverage. The creation, backing, and maintenance of UFD's stability occur through the accumulation of assets in the protocol's vault from the sale of UFD on the open market. The backing includes USD and digital equivalents with full or excess collateral, such as USDT, USDC, DAI, and other non-risky assets. In the future, additional backing with other fiat currencies will be expanded, along with the addition of an algorithmic collateral method.

UFD Price Stability Price stability on the open market is managed by the Treasury block, which applies market arbitrage mechanisms to maintain UFD's peg to the US dollar. It operates as follows:

• The Treasury block receives real-time information from digital oracles about the current prices of UFD on the market.

• When the exchange rate of UFD/USD falls below 1 US dollar, the protocol initiates the buyback of such positions from the market until the peg to the US dollar is restored.

• When the exchange rate of UFD/USD exceeds 1 US dollar, the protocol initiates the minting of new UFD and sells them on the market to satisfy the demand for the currency.