MoneyGram, a pre-digital P2P payments player, announced a collaboration this week that will send funds faster and offer consumers more options.
The Texas-based money transfer company is partnering with Stellar Development Foundation, a non-profit that supports the development and growth of the Stellar blockchain network, and Circle, an online platform that enables users to send money. The partnerships will enable consumers using Circle’s USDC stablecoin to receive cash funding and payout in local currency, and will facilitate near-instant backend settlement.
As Stellar Development Foundation CEO Denelle Dixon explained, the partnership combines the reach of MoneyGram’s services with the speed and low cost of transactions on Stellar. As a result, “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,” Dixon said.
Once the partnership goes live, end consumers will be able to use MoneyGram to convert USDC to cash, or cash to USDC. United Texas Bank will serve as a settlement bank between Circle and MoneyGram. Thanks to Circle’s USDC, consumers will also see their funds settle in near-real-time, resulting in accelerated money movement, improved efficiency, and reduced risk.
“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,” said MoneyGram Chairman and CEO Alex Holmes. “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.”
This isn’t the first time we’ve seen MoneyGram using blockchain technology. The money transfer giant partnered with Ripple in 2019 to leverage XRP for cross-border payment and foreign exchange settlement. That partnership has since ended, but MoneyGram has gone on to initiate other partnerships that provide broad consumer access to digital currencies.
Photo by Universal Eye on Unsplash
MoneyGram, a pre-digital P2P funds participant, introduced a collaboration this week that may ship funds sooner and provide shoppers extra choices.
The Texas-based cash switch firm is partnering with Stellar Improvement Basis, a non-profit that helps the event and progress of the Stellar blockchain community, and Circle, a web-based platform that permits customers to ship cash. The partnerships will allow shoppers utilizing Circle’s USDC stablecoin to obtain money funding and payout in native foreign money, and can facilitate near-instant backend settlement.
As Stellar Improvement Basis CEO Denelle Dixon defined, the partnership combines the attain of MoneyGram’s providers with the pace and low value of transactions on Stellar. Consequently, “a brand new phase of money customers will be capable to convert their money into and out of USDC, giving them entry to quick and inexpensive digital asset providers that will have beforehand been out of attain,” Dixon stated.
As soon as the partnership goes stay, finish shoppers will be capable to use MoneyGram to transform USDC to money, or money to USDC. United Texas Financial institution will function a settlement financial institution between Circle and MoneyGram. Because of Circle’s USDC, shoppers can even see their funds settle in near-real-time, leading to accelerated cash motion, improved effectivity, and decreased danger.
“At MoneyGram, considered one of our prime strategic priorities is to pioneer cross-border fee innovation and blockchain-enabled settlement, and we’re thrilled to now work with the Stellar Improvement Basis to additional our efforts,” stated MoneyGram Chairman and CEO Alex Holmes. “As crypto and digital currencies rise in prominence, we’re particularly optimistic concerning the potential of stablecoins as a technique to streamline cross-border funds. Given our experience in international funds, blockchain, and compliance, we’re extraordinarily well-positioned to proceed to be the chief in constructing bridges to attach digital currencies with native fiat currencies.”
This isn’t the primary time we’ve seen MoneyGram utilizing blockchain expertise. The cash switch large partnered with Ripple in 2019 to leverage XRP for cross-border fee and overseas trade settlement. That partnership has since ended, however MoneyGram has gone on to provoke different partnerships that present broad shopper entry to digital currencies.
Photograph by Common Eye on Unsplash