MoneyGram has partnered with the Stellar Development Foundation in order to allow customers to send money using USD Coin. Users will be able convert their money between fiat and the stablecoin. These transactions will be possible at physical branches.
A report shows that MoneyGram now allows cryptocurrency wallets to connect to the Stellar Network to access its global retail platform. The financial services company has partnered with Circle to enable a variety of new transaction features. These include local fiat withdrawals and account funding using the USDC stable coin. The process will be completed by the United Texas Bank within the regulatory framework.
MoneyGram’s chairman, Alex Holmes, commented on the potential of crypto. He noted that MoneyGram’s integration of crypto in its transactional services was promising. Holmes says:
The partnership will be launched in selected jurisdictions at the end this year. The next rollout is planned for 2022 in select jurisdictions and will also include international channels.
MoneyGram isn’t the first to venture into crypto. In June 2019, joined hands with Ripple to make cross-border payments, foreign exchange settlements and digital asset transfers. Ripple was ensnared by the SEC , and the deal was canceled. MoneyGram suspended support for Ripple’s platform in the early 2021.