Connect with us


Mongolia’s Capital Turns to Stable Coin for Instant Money Transfers

Saad Ullah



Mongolia’s Capital, Ulaanbaatar, will be using a stable coin for instant money transfers and lending services.

Trialing Stable Coin

The Ulaanbaatar’s administration has partnered with a South Korean blockchain firm that issues the stable coin, Terra. The city’s administration hopes to use the stable coin for payments such as utility bills and government subsidies.

The program is in its development phase, with estimated trial launching in the next six months. Initially, the pilot phase will be confined in the Nalaikh district of the city, with extensions to cover the whole eventually. The Terra stable coin will be used for both mobile based payments and peer to peer ones.

Mongolia, a country bordering China, is also making progress towards adopting blockchain for different purposes. Last year, the country’s central bank granted license to its biggest mobile telecom operator to issues its own cryptocurrency.

Terra Coin

Terra is a stable coin that was launched by Daniel Shin, the founder of Ticket Monster, an e-marketplace in South Korea. The project was able to raise nearly USD 32 million from its funding round in August 2018. The stable coin has made several high profile partnerships, including messaging app giant KakaoTalk and other blockchain organizations such as Huobi Capital, OKEx and Binance Labs.

Stable coins, unlike other cryptocurrencies, are bound to a physical asset’s value. This eliminates the sharp value variations cryptocurrencies normally are subject to. The stability in value allows for day to day usage and transaction without the worry of price jumps and erosions. The most famous stable coins, the USDT, is such an example (where it is tied down to the value of the U.S. Dollar).

Social media giant Facebook is also working on its own stable coin, to be used for remittances through its messaging app.

Continue Reading
China's GDP Growth: Investing
Blockchain2 days ago

China Looking into Blockchain State Currency Renminbi

Blockchain3 days ago

Pakistani PM, Imran Khan, Chairs Meeting on Government Digitization, Wants Blockchain

Blockchain3 days ago

Blockchain Event BlockShow Launches Crypto Donations for Notre Dame Cathedral

Blockchain5 days ago

Samsung Partners with Indian IT Firm Mahindra for its NextLedger Blockchain

Blockchain5 days ago, a Blockchain Events Firm, Launches Initial Exchange Offering (IEO) on BitForex

Blockchain6 days ago

Porsche Launches Blockchain Proof of Concept “You Owe Me” for Parking Fee

Blockchain1 week ago

Goodbye YouTube: PewDiePie Shifts to Blockchain Video Platform DLive

Blockchain1 week ago

Telegram’s Blockchain, TON Undergoes Beta Testing

Blockchain1 week ago

Luxury Brand Louis Vuitton Seeks Authenticity Check through Blockchain, Microsoft to Help

Banking1 week ago

MUFG, Fifth Largest Bank Globally, Decides to use Stablecoin By End of 2019

Blockchain2 weeks ago

Consulting Firm Accenture Granted Two Blockchain Interoperability Patents

Cryptocurrency3 weeks ago

Bithumb Hacked Again. USD 19 Million in EOS and XRP Stolen

Banking3 weeks ago

Major Indian Bank Joins Ripple for Remittances

Blockchain3 weeks ago

New Weiss Crypto Analysis Gives Top Grade to XRP, EOS and BTC

Blockchain3 weeks ago

CEOs of MasterCard and Wells Fargo Say Blockchain Full Potential Yet to be Realized

Banking3 weeks ago

HSBC SVP Says CFTC Should Make “Some Positive Words” for Blockchain

Blockchain4 weeks ago

Chocolate Company Hershey Joins Blockchain Advertisement Platform AdLedger

Blockchain4 weeks ago

Samsung Subsidiary SDS President: Blockchain can “Improve Supply Chain Management”

Blockchain4 weeks ago

Shipping Giant UPS to Facilitate B2B Sales with Blockchain

Blockchain4 weeks ago

BMW And Intel Partner With Singapore Government for Blockchain Accelerator

Like us on Facebook

The Trending Posts

Pin It on Pinterest

Share This