The partnership between MoneyGram and Stellar Development Foundation enables utilization of blockchain-based payments technology


In an announcement on Monday, MoneyGram, the world’s largest cross-border payments company, said that it is collaborating with the Stellar blockchain network to provide quick money transfers using Circle’s USDC stable coin.
In the fourth quarter of this
year, the companies will launch a trial. The ledger-based stable coin bridge
between crypto and local currencies will be gradually rolled out in early
2022.
In an interview, Denelle Dixon,
CEO and executive director of the Stellar Development Foundation stated:
“Working with MoneyGram allows end consumers to have on- and off-ramps
everywhere that MoneyGram’s vast agent network supports this. So this is just
transformational in terms of being able to exchange crypto for fiat and fiat
for crypto.”
The collaboration will improve
the usability and liquidity of digital assets while also allowing more people
to join the digital economy. As more wallets and businesses join the Stellar
network, the partnership’s influence is projected to rise. This collaboration
also transforms the settlement process for the first time, with settlement
taking place in near-real-time.
Alex Holmes, MoneyGram Chairman,
and CEO makes a statement about their top strategic priority: to pioneer
cross-border payment innovation and blockchain-enabled settlement. They are
also “thrilled” to work with the Stellar Development Foundation.
MoneyGram’s partnership with
Stellar is the latest step in the company’s quest to lead the growth of digital
peer-to-peer payments. MoneyGram was the first money transfer company to use
blockchain technology in its foreign currency operations, and it has formed
several creative collaborations that give consumers widespread access to
digital currencies.

Pavan A
CBW - External Analyst
INDIA