Terra, a project focused on building a next-generation payment system, has today announced a strategic partnership with Fantom (fantom.foundation), a DAG-based smart contract platform for real-time cryptocurrency payments, to accelerate the mainstream adoption of its stablecoin.
Terra and its alliance of eCommerce partners will join forces with Fantom and the Fantom Enterprise Alliance to bring blockchain-based payment systems to both online platforms and offline retailers across various industries. Together, Terra and Fantom will address the challenges of cryptocurrency adoption among enterprises by releasing Terra’s SDR-pegged stablecoin on Fantom’s blockchain platform, Opera. Fantom has partnered with key players in a wide array of industries to build the Fantom Enterprise Alliance.
Most notably, Fantom forged a partnership with the Korea Food-Tech Association—an organization with over 90 food tech member companies valued at around $177 billion USD. Industry giants Oracle and SBCK (a subsidiary of SoftBank Korea) are also on board as major strategic partners. This partnership allows Terra to expand the use case of its stablecoin and enables Fantom to provide its partnering enterprises, developers and dApp consumers with a reliable method of payment.
“We believe that wide adoption is key to creating a successful stablecoin. Ultimately, trust in Terra will come from the ability to easily use Terra to purchase goods and services we value in everyday life. Terra has worked tirelessly to develop a stablecoin suitable for mainstream adoption, and we are excited to partner with Fantom and its Enterprise Alliance to provide a blockchain payment solution to offline retailers and consumers across all industries.”
“Since day one, Fantom has been dedicated to its vision of creating a decentralized world driven by the mainstream adoption of cryptocurrencies and emerging technologies. We share a common vision with Terra and are excited to find ways both companies can collaborate in the online and offline payments market. Terra is a leading project backed by industry giants, and together, we will reform the payments industry. ”
Terra is building the future of money by developing a stablecoin and a blockchain payment system. Its growth is propelled by an ever-growing eCommerce alliance across Asia, which includes Asia-Pacific giants such as TMON, Baemin, and Carousell. To date, the Terra Alliance has a collective, annual transaction volume of $25 billion and 45 million users.