Introduction

The adoption of cryptocurrencies like USDC for payment for services and goods has shown us how stablecoins could potentially transform payments and cross-border remittances. While the underlying technology is very promising, the adoption rate is still very low, limited to trading and DeFi applications. With Utoken, we are merging traditional finance with blockchain technology to drive more adoption.

About Utoken

The utoken app brings more utilities to tokens, especially stablecoins in the Ethereum ecosystem, by allowing users to make bill payments (data subscriptions) using their token. This is made possible through a network of web2 and web3 service providers.

The services available include:

1. Data Subscription
2. Airtime top-up
3. Cable TV subscription
4. Gift card purchase
5. Savings
6. Utility payment

More services are to be included in the future.

Value for users/token holders in the ecosystem

1. No KYC
2. No off-ramping stress
3. Zero off-ramping fee
4. More utility for users holding various assets
5. Almost instant bill payment

Value for the ecosystem and projects

1. More utility for protocol tokens
2. More TVL into the protocol or onchain
3. More onboarding and adoption through real-world value addition

HOW IT WORKS

The Utoken App provides a simple interface for users to pay for airtime, data subscriptions, cable TV, etc. using stablecoins like USDC. On launching the app, users can link any supported wallets in the Ecosystem using WalletConnect. After connecting a wallet, a user can access any available services, follow the prompt, and sign a transaction request sent from the app to the wallet. The illustration below shows the user flow for using the application.