- MoneyGram, a major provider of cross-border payments services and digital payments, has confirmed that it will work on a new blockchain-themed project with the Stellar Development Foundation.
- The two companies will work to improve the process of converting USDC to cash.
- “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,” said a senior MoneyGram figure.
MoneyGram, a provider of cross-border payments services and digital payments, has confirmed that it has paired up with a blockchain organisation.
The firm said that it had struck a deal with the Stellar Development Foundation.
The foundation works to promote Stellar, a publicly available blockchain designed to help money become ‘tokenised’ as part of payment digitalisation.
The MoneyGram network is now linked to the Stellar blockchain.
The new arrangement will be facilitated through Circle’s USDC, meaning that cash funding and payout in local currency will be available for customers.
Circle is a global financial technology firm that helps businesses to use digital currencies and public blockchains for payments.
MoneyGram has said that the process of conversion will be smooth.
It also said that it expects that the partnership will evolve over time as an increasing range of e-wallet firms and providers participate.
In a statement, a senior figure at MoneyGram said that it was a major priority for the company to enhance cross-border payment innovation.
Alex Holmes, the company’s chairman and chief executive officer, said that the firm was “thrilled” to be working with its new partner.
“At MoneyGram, one of our top strategic priorities is to pioneer cross-border payment innovation and blockchain-enabled settlement, and we’re thrilled to now work with the Stellar Development Foundation to further our efforts,” he said.
He went on to say that the rise of digital currencies had made the company “optimistic”.
“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.
“Given our expertise in global payments, blockchain, and compliance, we are extremely well-positioned to continue to be the leader in building bridges to connect digital currencies with local fiat currencies.”
The Stellar Development Foundation’s chief executive officer and executive director, Denelle Dixon, said that the new arrangement would bring lots of “new opportunities”.
“This partnership is a shining example of how blockchain technology and stablecoins bring new opportunities to global customers and enhance the existing financial system,” she said.
She went on to say that conversions of USDC to cash would become much easier.
“Thanks to the reach of MoneyGram’s services and the speed and low cost of transactions on Stellar, 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.”
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