Maya Preferred 223 (MAPR), a stablecoin backed by gold and silver assets that suddenly blew up the crypto market, reviews its gains for the first month of it being available to the public. Currently, the token’s value has risen significantly, overtaking that of BTC itself.
The Rise of MAPR’s Value
On the 21st of March, when Maya Preferred 223 was listed on the FatBTC exchange, its price was equal to 0.37 BTC or $1,500. Within a month, the picture had completely changed. At the moment, MAPR is being traded for 1,4 BTC, which is approximately $7,691 per coin (the actual price at the moment of writing).
After a period of stagnation when 1 MAPR was traded for 1 BTC, the coin finally overtook Bitcoin at the end of last week and then kept growing, showing presently +30% for the last seven days.
Since there are only 1 million MAPRs available, the project’s market capitalization is now fourth after XRP, distancing itself from the next contender, BCH, by over a billion USD.
Readjustment of Backing Assets
One of the reasons for this rapid growth is readjustment of the silver and gold producing mines that are backing the coin. A month ago, U.K. Financial Ltd, the company behind the Maya Preferred 223, owned 7 large mining assets located in three Mexican states: Guerrero, Sonora, and Jalisco. The total sum of the precious metal reserves from those assets added to the 1 million MAPRs available, giving about $18,500 in backing value per token.
Recently, U.K. Financial Ltd readjusted its assets, acquiring one more shaft to add to the present seven. This event had a great impact on the price of Maya Preferred. It’s value finally outpaced that of Bitcoin, with the current $7,691 per coin and the potential of more than $23,500 in gold and silver backing each MAPR now.
According to the new presentation, the list of 8 backing assets includes Santiago Apóstol, Juan del Oro, Grano de Oro, La Fortuna, La Guadalupe, La Guadalupe II, El Milagro and El Milagro II. The independent third party audit reports are also available on the project site.
After the readjustment of assets that led to the further growth of the price of MAPR, U.K. Financial Ltd plans to concentrate on PR, listing with new exchanges, partnering with new precious metal assets, and further development of the coin.
Maya Preferred 223 is working on conducting an AMA (Ask Me Anything) to publicly answer any questions concerning the coin. Also, the team is re-releasing the whitepaper and the road map to reveal the project’s further plans.
About Maya Preferred 223
Maya Preferred 223 (MAPR) is an Ethereum Classic based ERC-23 token that is, in fact, a stable coin backed with over $23,500 per coin. MAPR is being traded on the FatBTC exchange for 1.4 BTC, showing a 320% growth for the first month. Thus the coin, developed by U.K. Financial Ltd, is now the most expensive stable coin on the market.