Decentralized, permission-less stablecoin with native post quantum privacy and yield
Joined January 2025
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Introducing UPD: Universal Private Dollar
👉 upd.io 👈
Privacy first. Decentralized. Permissionless. Yield-bearing.
A simple yet powerful vision we are building with UPD. UPD will be a combination of the true DeFi core elements, such as fully on-chain and transparent collateral, permissionless issuance/redemption, verifiable native yield, and composability, combined with native privacy features.
We will share more as the development continues. Stay tuned.
Anyone with your wallet address can read your payment history in 5 minutes.
Privacy pools fix this with four objects: notes, commitments, nullifiers, one Merkle tree.
Privacy Pool 101, Part 1:
nitter.gq/UPD_io/status/20596867…
Privacy pools that ship one proof system are choosing your threat model for you.
🛡️ UPP doesn't. PLONK for short and cheap. Circle STARK for long and quantum-exposed. Same pool. You pick.
nitter.gq/UPD_io/status/20541979…
Almost nothing in the top 10 meets a four-condition spec:
- Hold a dollar;
- Move freely;
- Stay yours (no seizure);
- Stay the same (no governance change).
✅ That's why we built UPD.
nitter.gq/UPD_io/status/20538308…
72 hours: LUNA supply 345M to 6.5T tokens. Price $60 to fractions of a cent.
The mechanism that closed UST's peg in calm conditions accelerated its collapse under stress.
Endogenous collateral has a math problem.
nitter.gq/UPD_io/status/20527879…
FRAX did something most stablecoin teams won't admit:
DeFi users and institutions want different products. AMOs and BlackRock BUIDL don't fit one architecture.
Frax built two stablecoins. UPD's bet: stay narrow, build one.
nitter.gq/UPD_io/status/20523058…
GHO has four facilitators authorized to mint, each with a governance-set bucket cap.
UPD has one minter contract. No facilitators. No DAO that sets caps.
Different fork at the supply layer.
nitter.gq/UPD_io/status/20520080…
Liquity threw away the keys. crvUSD kept them.
crvUSD launched May 2023. ~$270M circulating. CurveOwnershipAgent routes owner-only calls via veCRV DAO votes.
Both non-freezable at the token. Different at the layer above.
nitter.gq/UPD_io/status/20517339…
Q-Day got 100x closer in twelve months.
-> May 2025: RSA-2048 in <1M qubits.
-> Feb 2026: <100K qubits.
-> March 2026: secp256k1 in <500K qubits.
Privacy data harvested today gets decrypted retroactively.
nitter.gq/UPD_io/status/20512838…
✅ The most serious non-freezable stablecoin that exists is hands down @LiquityProtocol.
LUSD deployed April 2021. Keys thrown away. 5 years immutable. BOLD V2 added LSTs and user-set interest rates.
The real deal. UPD is a different scope.
nitter.gq/UPD_io/status/20502333…
USDD has no freeze function. No blacklist. No admin override.
In August 2024, a 5-of-7 multisig moved $732M BTC from reserves. No vote. No timelock. Tweeted, after the fact.
Token-level freedom. Reserve-level discretion.
nitter.gq/UPD_io/status/20498985…
