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Briefing
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- MemePay – South Korea-based stablecoin company Terra partnered with Mongolian messaging app memeChat to launch payments service memePay, allowing users to pay in stablecoins
- Local Stablecoin – Created stablecoin tied 1:1 to Mongolian currency Tugrik called MNT coins, which can be obtained by connecting bank account to app and converting fiat to MNT
- Partnerships – Taxi service, department store, gas stations, and other local merchants accept MNT as payment
- Terra Background – Blockchain protocol for stablecoins that went live in April 2019, with initial coins TerraSDR (tied to International Monetary Fund’s foreign reserve currency IMF SDR) and Luna virtual currency for staking in Terra network
- Other Projects – Include partnerships with Mongolia’s Ulaanbaatar city government for instant money transfers, lending services, utility bill and government subsidies payments, as well as peer-to-peer and mobile payments, in addition to collaboration with KakaoTalk for developing blockchain-based payments and ecosystem
- Next Steps – Include launching stablecoins pegged to world’s major fiat currencies, such as dollar, euro, yen, yuan, pound and South Korean won, and expanding to more partners and use cases
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Accelerator
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Market Disruption
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Business Model and Practices
Business Model
and Practices
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Sector
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Financial Services, Information Technology
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Function
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Customer Experience and Service, IT Infrastructure, Marketing and Business Development
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Organization
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Terraform Labs Pte. Ltd., Xground Inc. (memeChat)
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Source
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Original Publication Date
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December 13, 2019
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