J Terminal by Jinkou becomes first platform to make UST stablecoin suitable for retail payments
JINKOU, a Web3 platform for retail payments, has shared the demo video of its terminal accepting Terra USD (UST) stablecoins as a payment method for retail transactions.
JINKOU brings UST to retail payments
Crypto payments start-up JINKOU published a demo video of its terminal working with decentralized stablecoin Terra USD (UST) by Terra Labs.
The easy-to-use payment terminal issues a QR code that can be scanned by every mobile device that has a UST wallet installed. Once the QR code is scanned, the user can authorize a UST transaction to the merchant.
The entire procedure takes 15 second and looks like payment with the Apple Pay or Google Pay systems.
JINKOU community activists hail the new mechanic which is in beta testing. The JINKOU team added that Thailand and Turkey will be the first countries for real-world stress testing of this system.
Interest in UST spikes: Luna Foundation Guard
Terra USD (UST) is the 14th largest cryptocurrency asset by market capitalization and the most poplar decentralized (algo-backed) stablecoin. It market cap is estimated at $14.5 million, or 50% higher than that of its key competitor, Ethereum-based DAI by Maker.
The UST minting process is controlled by Luna Foundation Guard (LFG) through Terra’s native cryptocurrency, LUNA. In order to keep the peg of the USD to the UST stable in a context of increased interest, LFG is injecting liquidity into its ecosystem.
Earlier this month, five million LUNA tokens were transferred to Terra’s stablecoin module in order to mint $450 million in UST equivalent.
As previously reported by U.Today, digital payments provider Astral Money will issue a credit card to make Terra’s UST available to European retail users.
