It is powered by the Stellar blockchain and digital wallets that support Stellar, the network of retail agents MoneyGram and Circle‘s USD Coin (USDC), a fully reserved digital currency in dollars, the service allows cash users to access the world of cryptocurrencies through any participating MoneyGram site. This service is a monumental step towards bridging the gap between physical and digital currencies in a way that has not yet been done on a large scale. As it evolves, this solution will pave the way for blockchain technology for further financial inclusion, creating a flow between cash and cryptocurrencies so that more people can benefit from the digital economy.
In support of the adoption, MoneyGram will offer this as a no-fee service for the first 12 months.
“We are excited to be working with the Stellar Development Foundation on this important initiative to offer consumers around the world more opportunities to make the worlds of crypto and local fiat currencies compatible,” he said. Alex Holmes, President and CEO of MoneyGram. “At MoneyGram, we are on a mission to offer innovative financial solutions that connect global communities, and the initial launch of this service is another important milestone in our journey. It is especially exciting to launch this service ahead of schedule due to the strong involvement of our technology teams. continue to work with the SDF as we work to discover new ways to use the blockchain to further streamline cross-border payments. “
The partnership focuses on providing a service that revolutionizes the settlement process. For the first time, the settlement with MoneyGram will take place almost in real time using the USDC, one of the fastest growing digital currencies in dollars in the world. This allows for accelerated fundraising, improved efficiency and reduced risks.
“There’s a much-needed solution here to the problem of turning cash on / off into the crypto,” he said Denelle Dixon, CEO and CEO of the Stellar Development Foundation. Today, almost 2 billion people rely on money for their livelihood, without access to the digital economy. At the same time, cryptocurrency users are constantly in pain and quickly abandon cryptocurrencies. needs around the world. “
With the introduction of this service, digital wallet users can now seamlessly switch from cash to cryptocurrency and redeem – all without the need for a bank account or credit card. Consumers can now go to the MoneyGram site to either replenish their digital wallets to access the digital economy, or redeem their digital currencies to increase the usability of their funds.
Users of Stellar-linked Vibrant and LOBSTR digital wallets, with more wallets to be added soon, can now access this service at participating MoneyGram international retail locations. This service also creates a platform for developers that will allow more companies inside and outside the Stellar ecosystem, including wallets and service providers, to expand functionality and achieve MoneyGram integration with the Stellar network. for example ellipticala world leader in cryptocurrency risk management, will provide MoneyGram with robust analytical blockchain and Wyrethe leading provider of payment chain APIs, will help other wallets, starting with Airtmdigital dollar account, integrate with MoneyGram.
MoneyGram will expand access to the payout service to seven more countries by the end of June, with the payout feature also available worldwide, where permitted by law. Learn more about the service and how to access it at stellar.org/moneygram.
About MoneyGram International, Inc.
MoneyGram leads the development of digital P2P payments. With a dedicated strategy to mobilize cash flow, a strong culture of fintech innovation, and leading customer-focused capabilities, MoneyGram has grown over the past five years to serve nearly 150 million people worldwide. The company leverages its state-of-the-art, mobile and API-powered platform to partner with the world’s leading brands to serve consumers through MoneyGram Online (MGO), its digital consumer-to-consumer business, global retail network and emerging embedded finance business. business customers, MoneyGram as a service. For more information, visit ir.moneygram.com and follow @MoneyGram.
Stellar is a decentralized, fast, scalable and unique sustainable network for financial products and services. It is both a system of cross-currency transactions and a platform for issuing digital funds, designed to connect the global financial infrastructure. Financial institutions around the world issue funds and settle payments in the Stellar network, which has grown to more than 6 million accounts. For more information, visit stellar.org.
About the Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open source network that connects the global financial infrastructure. Founded in 2014, the foundation helps maintain Stellar’s code collection, supports technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system using the Stellar network to unleash global economic potential with blockchain technology. For more information, visit stellar.org/foundation.
About the circle
Circle is a global financial technology company that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications around the world. Circle is the issuer of the USD Coin (USDC), one of the fastest growing digital currencies in the dollar, which drives always-on internet trading and payments. Today, Circle’s transaction services, business accounts, and APIs are creating a new generation of financial services and trading applications that promise to raise global economic prosperity for all by sharing friction-free financial values. In addition, Circle manages SeedInvest, the leading fundraising platform for startups in the United States. Learn more at https://circle.com
VIR The Stellar Development Foundation
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