Terra launches stablecoin-powered payments service in Mongolia

Terra, a blockchain-based payments and stablecoin company, has announced the launch of Terra Payments in Mongolia.

It can be recalled that Mongolia’s capital city of Ulaanbaatar entered into a partnership with Terra in January this year to launch instant money transfer and lending services.

In an announcement via its official Telegram channel, Terra announced the launch of MemePay in partnership with local messenger app MemeChat.

MemePay enables instant stablecoin payments at cabs, gas stations, and department stores. It will also allow users to easily send and receive payments from friends. Terra said the service is similar to Venmo but with stablecoins.

CoinDesk reported that Terra’s stablecoin issuance protocol forms the core of the new service. Since its launch in March, MemeChat has attracted 50,000 users and now features MemePay payment service with direct banking integrations.

This basically means that anyone can easily add their bank account to instantly top up their account with Terra stablecoins and start paying for everyday goods and services.

“Users simply connect their bank account to MemePay, and we instantly exchange fiat into Terra MNT [Terra’s stablecoin pegged 1:1 to the Mongolian currency (known as the tugrik)] to top-up their account,” Terra said.

As per the report, a taxi service and a departmental store have already started using memePay. The roll-out of the service marks Terra’s expansion into Central Asia.

South Korea-based Terra is backed by a roster of prominent investors including Binance Labs, OKEx, Huobi Capital, Dunamu & Partners, Arrington XRP Capital, as well as Kakao Ventures and Kakao Investment, among others.

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