Universal Protocol to Shut Down Operations by November 2026

Cross-chain asset protocol Universal Protocol announced it will cease operations on November 17, 2026, citing insufficient market adoption for long-term sustainability. During a 60-day transition period, uAssets remain backed 1:1 by underlying assets, and users can sell or redeem them via the Universal application. Post-shutdown, uSOL, uXRP, uDOGE, uADA, uBTC, and uLTC on the Base chain are planned to be converted into corresponding bridged assets via smart contracts, while other uAssets will be converted to USDC. The final plan will be released before operations cease. The project previously raised $9 million in February last year, led by a16z Crypto with participation from Coinbase Ventures.