Leading payment company MoneyGram revealed a collaboration with blockchain protocol Stellar. As the firm stated on Wednesday, it aims to expand its services with digital assets.
In particular, MoneyGram aims to carry out instant transactions using USDC stablecoin, developed by P2P payment technology firm Circle. Customers will be able to exchange UCDC for cash, and vice versa. The move expands the usage of digital assets and encourages more people to take part in the economy.
MoneyGram today announced a partnership with @StellarOrg. Read the full press release here: https://t.co/2UbBxTY8Sw pic.twitter.com/HzSd3cvNcx
— MoneyGram International (@MoneyGram) October 6, 2021
MoneyGram CEO Alex Holmes noted that at the company, they are optimistic about the future of stablecoins as a tool to boost efficiency for global payments. The executive also noted the rising prominence of crypto, saying MoneyGram intends to continue to be the leader in bridging digital assets with fiat.
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The international rollout of the program is planned for 2022. This year the cooperation will go live in select markets. The native token of Stellar, XLM, has gone up by around 15% in the last 24 hours. Currently, the token trades at $0.36. It's the 22nd largest cryptocurrency with a market cap of over $8.6 billion. XLM enables international transactions with reduced costs.