MoneyGram, Stellar partners to offer instant USDC settlement
Just as Ripple started to dominate the remittance market, major US remittance company MoneyGram announced on June 6 that it has partnered with the Stellar Foundation to allow users to make instant payments using dollar-backed stablecoins USDC.
As per the announcement, MoneyGram will handle USDC transactions by integrating with the Stellar blockchain. It will enable users the ability to convert USDC to fiat used locally or to convert fiat to USDC.
MoneyGram says the partnership will make cryptocurrencies more practical and liquid, allowing more consumers to participate in the digital economy.
This is the first time that MoneyGram is offering near-instant backend settlement capabilities, thereby offering benefits such as faster receipt of funds, increased efficiency, and reduced risk.
Instant payment via USDC will be introduced in selected regions in 2021 with plans to expand globally in 2022.
Alex Holmes, MoneyGram chairman and CEO, said in a statement:
“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.”
MoneyGram is actively embracing blockchain technology with recent initiatives. The company announced a partnership with Coinme, a Bitcoin ATM and wallet provider to enable buying and selling of Bitcoin (BTC) on thousands of devices installed in the United States.
The post MoneyGram, Stellar partners to offer instant USDC settlement appeared first on Our Bitcoin News.
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