MoneyGram Launches USDC Transfers Using Stellar Blockchain
Financial services company, MoneyGram International, has partnered with the Stellar Development Foundation to provide their customers with the ability to make transfers in USD Coin (USDC) and convert directly to and from fiat.
According to the announcement, MoneyGram allows cryptocurrency wallets of the Stellar network to access its global retail platform. Through this collaboration, local deposits and withdrawals using the USDC Stable Token will be instant.
United Texas Bank will be used as the settlement bank to complete the process. The partnership is expected to take effect at the end of 2021 in selected jurisdictions, with expanded international rollouts scheduled for 2022.
MoneyGram’s partnership with Stellar was a logical step in the company’s path after the company moved to allow customers to withdraw crypto assets for cash through their points of sale in the United States. The service was launched in partnership with a Bitcoin ATM and cryptocurrency exchange operator, Coinme.