South Korean payment platform MeconCash (MCH) recently integrated stablecoin Tether (USDT) into its ecosystem. The integration allows USDt holders to withdraw their stablecoins in Korean Wons from 13,600 ATMs in South Korea via the MeconCash M.Pay platform.
The goal of launching USDt on MCH is to foster more manageable payments by circumventing obstacles in the traditional financial system. These obstacles range from slow overseas remittances to high remittance fees and price fluctuations.
Tether CTO Paolo Ardoino hopes that adding his stablecoin to the MCH ecosystem will make international transfers on USDT faster and reduce transaction fees. The partnership will thus enable users to send USDT much more frequently.
MeconCash has seen increased use cases with numerous integrated into a wide variety of services such as game apps and e-commerce.
Jae Do Cho, Chairman at MeconCash, was excited about the recent collaboration, noting that it will help support a wide array of services. Users of the platform will now use USDT to pay for goods and services offered online by merchants.
The crypto payments firm made headlines in July when it partnered with TRON to bring TRX and JST to ATMs across South Korea.
Tether To Alleviate Fears of Price Fluctuations
USDT now becomes the first stablecoin to be integrated into the MeconCash payments platform. The stablecoin will offer users the benefits of cryptocurrency without the fear of price fluctuations.
This partnership marks a significant step toward helping Korean citizens pay for goods and services online without the challenges of fiat money and cryptocurrency.
Meanwhile, Tether stands to gain wider adoption by tapping into the growing crypto user-base in South Korea. Paolo Ardoino stated:
“The launch of tether in the MeconCash ecosystem represents yet another important milestone in its ascent as a trusted and valued payment method.”
The integration of USDT is a welcome development for regular users looking for easier payment solutions and P2P transactions without international payment burdens.
Mushrooming Use Cases for USDT
Tether is quickly establishing itself as the most liquid, stable, and trusted digital currency globally. The asset just surpassed a $15 billion market capitalization and continues to herald a new path to financial stability.
Before the partnership with MeconCash, the USDT integrated into the Solana (SOL) blockchain on Sep 9. This partnership facilitated the development of Decentralized Finance (DeFi) apps with enhanced scalability and very low costs.
After Solana’s technical integration, USDT will work on eight blockchains, including TRON, Algorand, ETH, EOS, and OMG network.