The management of MoneyGram and Stellar Development Foundation have announced a partnership on Wednesday. This integration is focused on settling transactions, payouts and cash funding, with United States Dollar Coin (USDC).
Although this product will selectively be available through this year, it will roll out internationally as from next year. Alex Holmes, the CEO of MoneyGram announced thus:
“As crypto and digital currencies rise in prominence, we’re especially optimistic about the potential of stablecoins as a method to streamline cross-border payments. Given our expertise in global payments, blockchain, and compliance, we are extremely well-positioned to continue to be the leader in building bridges to connect digital currencies with local fiat currencies.”
MoneyGram is leveraging USDC, a stablecoin, to carry out more speedy seamless transactions. Its customers can now convert cash to USDC and vice versa within a short space of time. This liquidity rests on the partnership.
“A new segment of cash users will be able to convert their cash into and out of USDC, giving them access to fast and affordable digital asset services that may have previously been out of reach. We’re pleased to team up with MoneyGram to drive toward our mission of creating more equitable financial access,” concluded Jeremy Allaire, the CEO and Co-Founder of Stellar Development Foundation
About The Companies
MoneyGram is a FinTech company that facilitates cross-border payment. The company is also engaging in digital P2P transactions. On the other hand, Stellar Development Foundation is an NGO and a subsidiary of Stellar – a Blockchain-based payment infrastructure provider.