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Universal Plug is just what it sounds like, a universal plugin, capable of opening any VST, VST3 or AudioUnit plugin from within any DAW. Since it can also run as any of those formats, or AAX, you can run this in Pro Tools and use it to open plugins of other formats.
Most DAWs can't open all plugin types, for example:
So, you can use this plugin as an adaptor to allow you to open all your plugins from any DAW.