MoneyGram and the Stellar Development Foundation have teamed up to facilitate money transaction settlements through the USDC stablecoin.
The partnership is designed to allow users to use USDC, Circle’s stablecoin. Consumers will be able to convert USDC into cash instantly, and same from cash to USDC. MoneyGram will be able to guarantee real-time money transfers and leveraging USDC, using Stellar’s blockchain. The impact of this partnership is expected to grow as more wallets and companies join the Stellar network.
Alex Holmes, MoneyGram Chairman and CEO, said: “At MoneyGram, one of our top strategic priorities is to pioneer cross-border payment innovation and blockchain-enabled settlement, and we’re thrilled to now work with the Stellar Development Foundation to further our efforts. 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.”
In his turn, Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, said: “”This partnership is a shining example of how blockchain technology and stablecoins bring new opportunities to global customers and enhance the existing financial system. Thanks to the reach of MoneyGram’s services and the speed and low cost of transactions on Stellar, 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.”
In addition, Jeremy Allaire, Co-founder, Chief Executive Officer, and Chairman of Circle, added: “The launch of this partnership speaks to the power of digital currencies like USDC to create fast, secure, and seamless settlement for the digital economy. Together, we’re at the forefront of innovation, demonstrating how we can reimagine financial services that benefit and better serve global users.”