We’ve seen recently that many companies in traditional finance are working to incorporate disruptive crypto technology. Many were earlier sceptical with crypto, which soon changed after the tremendous growth seen in this year. Now, MoneyGram International, a Financial Services company, has partnered with a blockchain to incorporate USDC stablecoin settlement.
For this, MoneyGram has partnered up with Stellar Development Blockchain. As a result, Moneygram’s consumers can transfer money using USDC coins. Moreover, users can now convert to and from fiat to stablecoin.
As far as the settlement institution goes, United Texas Bank will provide the necessary support. This is so that the company can complete the process within the regulatory framework.
Upon this announcement, chairman and CEO Alex Homes 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.”
The new USDC stablecoin settlement will launch at the end of 2021 in select jurisdictions.
Regarding this partnership, CEO and executive director of Stellar Development Foundation, Denelle Nixon said:
“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.”
MoneyGram’s integration with Stellar comes just months after the firm started offering crypto-assets withdrawals to customers. Moreover, customers can withdraw crypto assets for cash via its point-of-sale outlets in the United States with this feature.