Money transfer giant, MoneyGram, has partnered with the Stellar Development Foundation to enable crypto payouts in local currencies to users.
MoneyGram will utilize the USDC stablecoin to settle payments and convert payouts to users’ local currencies.
The partnership comes months after MoneyGram began accepting bitcoin at its locations in May 2021 after entering into a partnership with the CoinMe exchange.
Speaking about the new wave of crypto and the move towards adopting stablecoins, Alex Holmes, CEO, MoneyGram, said:
“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.”
– CEO, MoneyGram
MoneyGram is an American cross-border P2P payments and money transfer service that provides its service to individuals and businesses through a network of agents and financial institutions globally.
In 2014, MoneyGram was the second largest provider of money transfers in the world. The company operates in more than 200 countries and territories with a global network of about 347,000 agent offices.
MoneyGram will now act as an off-ramp for USDC as a way of getting fiat funds and vice-versa.
According to Circle, the company behind the USDC stablecoin:
“The advent of trusted dollar digital currencies like USDC, which is designed to support and promote open competition for payments is a key factor in enabling not only financial inclusion, but in building collaborative models that build network effects, growing market acceptance and utility.
To now include viable pathways for global cash in and cash out points for USDC-denominated remittances on the MoneyGram network is an important bridge between the burgeoning digital economy and real world use cases. Creating digital currency to fiat exchange points via the MoneyGram network will not only extend the perimeter of payments, it will improve access.”
– Circle ($USDC)
RECOMMENDED READING: USDC in Circulation Grows By Over 2,600% in 2021, Reveals the Latest Circle Report
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