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Terra cryptocurrency trading volume rose by 280% as adoption of the stablecoin increases
The cryptocurrency Terra saw a massive spike in its trading volume as acceptance of the digital currency gains traction. The trading volume of the Korean stablecoin rose by as much as 280 percent on December 23 compared to the previous day level, NewsBTC reported.
Naturally, the movement caught the eyes of cryptocurrency experts. “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!” Do Kwon tweeted about the stablecoin’s recent volume spike.
While cryptocurrency was originally designed to serve as a mode of payment, most digital currencies fail at this function due to low adoption by the general public. One potential reason put forth is the volatility of crypto prices.
But as a stablecoin, it appears that Terra is set to buck the trend. Aside from being price-stable, the people behind Terra know exactly what it takes to convince the public to use the token. “Since the value of a currency as a medium of exchange is mainly driven by its network effects, a successful new digital currency needs to maximize adoption in order to become useful,” Terra said in a statement.
Indeed, the company has been making deals left and right to push Terra as a payment option. It secured a deal with CU, Korea’s largest convenience store chain with over 13,500 outlets, so the crypto can be accepted as payment for purchases.
The company’s efforts at adoption even extend abroad as well. The company partnered with Mongolian messaging app memeChat so its 50,000-strong users can use the cryptocurrency to make payment for services, Coindesk reported.
At the moment, the cryptocurrency, via memeChat, can be used as payments for taxi rides in Mongolia. Even taxi drivers can also use it to pay for their gas.
“I find it very useful that I don’t need to worry about having enough cash since I can pay for gas with payments I’ve received,” Uuganbayar B, a driver for the Ulaanbaatar Taxi Company, said.
Terra also expanded into Singapore with plans to turn its operations there into its Southeast Asia hub. The company named former Uber APAC Head of Strategy Rahul Abrol as its Head of International and Strategy, according to a report by e27.co.