MoneyGram is partnering with Stellar to take advantage of blockchain technology

MoneyGram International, Inc., one of the largest money transfer services in the world, works with the Stellar Development Foundation, a nonprofit that supports the development of Stellar, an open source blockchain network for currency and payments.

As part of the partnership, MoneyGram will use Circle’s USDC to process payments and convert withdrawals into a user’s local currency. MoneyGram’s network will be integrated with the Stellar blockchain to process USDC transactions, and United Texas Bank will act as the settlement bank between Circle and MoneyGram.

“For consumers, the partnership provides the ability to seamlessly convert USDC to cash or cash to USDC. This increases the utility and liquidity of digital assets while allowing more consumers to participate in the digital economy. The impact of this partnership is expected to increase as more wallets and companies join the Stellar network, ”the press release said. “This partnership is also revolutionizing the settlement process. For the first time, MoneyGram will settle in near real time using Circles USDC, the world’s fastest growing digital dollar currency. This enables faster collection of funds, improves efficiency and reduces risk. “

“At MoneyGram, driving cross-border payment innovation and blockchain-enabled processing is one of our top strategic priorities, and we are excited to partner with the Stellar Development Foundation to drive our efforts forward,” said Alex Holmes, MoneyGram Chairman and CEO. “As cryptocurrencies and digital currencies grow in importance, we are particularly optimistic about the potential of stablecoins as a method of streamlining cross-border payments. Given our expertise in global payments, blockchain and compliance, we are extremely well positioned to continue to lead the way in building bridges to connect digital currencies with local fiat currencies. “

“This partnership is a shining example of how blockchain technology and stablecoins are opening up new opportunities for global customers and improving the existing financial system,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. “Thanks to the reach of MoneyGram’s services and the speed and low transaction costs on Stellar, a new segment of cash users will be able to convert their cash to and from USDC and give them access to fast and affordable digital asset services that may were out of reach so far. We are excited to be working with MoneyGram to advance our mission to create fairer access to finance. “

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