J Terminal by Jinkou becomes first platform to make UST stablecoin suitable for retail payments
JINKOU, a Web3 platform for retail payments, shared the demo video of its terminal accepting Terra USD (UST) stablecoins as a payment method for retail operations.
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.
J Terminal (BETA) – Pay with $UST Terra.
The world’s only merchant service provider that enables you to pay with $UST at the storefront.
— JINKOU | Web3 Payment for Solana x Terra (@JinkouNFT) March 11, 2022
The easy-to-use payment terminal issues a QR-code that can be scanned by every mobile device with 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.
Activists of the JINKOU community welcome the novel mechanism that is undergoing its beta testing phase. The team of JINKOU 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 process of UST minting is controlled by Luna Foundation Guard (LFG) through Terra’s core native cryptocurrency, LUNA. In order to keep the USD peg of UST stable amid increased interest, LFG injects 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 covered by U.Today previously, digital payments vendor Astral Money is going to issue a credit card to make Terra’s UST avaliable to European retail users.