Korean Stablecoin Terra Gains Popularity amid Partnership with CU Retailer

Korean stablecoin Terra showed a sharp spike in volume, an increase of 280%. The popularity of the cryptocurrency, acting as a payment system, may indicate growing recognition.

Winter is here and ecommerce volumes are through the roof. @terra_money saw 11 BILLION KRT (korean won pegged stablecoin), roughly valued at 10M USD yesterday. 17.4% annualized staking return from tx fees as a result! pic.twitter.com/19jgJRroQI

— Do Kwon (@d0h0k1) 23 декабря 2019 г.

Terra is a relatively new project in the industry, its white paper was released in April this year. Nevertheless, the team achieved success in promotion: a few weeks ago it announced a partnership with CU, one of the largest Korean retail networks with 13,500 convenience stores.

For the most part, cryptocurrencies as a means of payment have not yet been able to attract the interest of the general public. However, the Terra stable coin plans to change that. The co-founder of the project Do KWON voiced one of the main problems for interacting with traders: enterprises with low margins postpone the adoption of cryptocurrencies as payment due to its high volatility.

The Terra and CU deal provides a fixed and secure payment system. CU stores will offer cryptocurrency payments via the Terra Chai app by the end of the year.