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The Mongolian capital of Ulaanbaatar has partnered with a stablecoin company to issue instant money transfer and lending services, the largest Asian media technology platform e27 reported on January 11th.
The administration of the city of Ulaanbaatar has agreed to collaborate with a South Korean blockchain company, nicknamed Terra, in order to eventually replace the current payment methods for utility bills and government subsidies with the stallaboo Earth, according to the publication .
The pilot program will be launched in the next six months and will start in the city of Nalaikh, in the district of Ulaanbaatar, with the intention of expanding throughout the city. The article also states that the program within the Mongolian capital will contain both peer-to-peer payments and mobile payments.
Terra is a stablecoin project co-founded by Daniel Shin, the creator of South Korean e-commerce Ticket Monster. The Stablecoin project closed a $ 32 million loan round in August 2018, with the participation of Binance Labs, OKEx and Huobi Capital, as well as Polychain Capital.
Last fall, the Bank of Mongolia, the central bank of the country, had given permission to Mongolia's largest mobile telecommunications operator to issue its digital currency, as reported by Cointelegraph on 28 September.
Also last November, Terra, the stablecoin project, had already collaborated with the South Korean messenger giant KakaoTalk. The partnership is aimed at the development of a blockchain-based payment system and the creation of a blockchain ecosystem that would allow a large number of people to use its services, Cointelegraph wrote on November 14th.
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