Mongolia Partners With Stablecoin to Use Blockchain for Lending Services, Money Transfers

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Mongolia’s capital city of Ulaanbaatar has partnered with a stablecoin company to release instant money transfer and lending services, Asia’s largest tech media platform e27 reported on Jan. 11.

Ulaanbaatar City’s administration has agreed to partner with a South Korean blockchain company, dubbed Terra, in order to eventually replace the current payment methods for utility bill and government subsidies with the Terra stablecoin, according to the publication.

The pilot program is scheduled to be launched within the next six months, and will start in the city of Ulaanbaatar’s Nalaikh District, with plans to expand throughout the whole city. The article also states that the program within the Mongolian capital will contain both peer-to-peer payments and mobile payments.

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