MoneyGram partners with Stellar and USDC
MoneyGram, one of the leading money transfer services in the world, has partnered with the Stellar Development Foundation to enable crypto payouts in local currencies for users. This is according to the company's announcement yesterday.According to the terms of the partnership, MoneyGram will leverage Circle's USDC to settle payments and convert payouts to a user's local currency. Furthermore, MoneyGram's will integrate its network with that of Stellar to settle the USDC transactions. The United Texas Bank will act as the settlement bank between Circle and MoneyGram.
He added that "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."
MoneyGram chooses Stellar ahead of Ripple
The partnership with Stellar didn't come as a surprise to many within the cryptocurrency space. MoneyGram was previously working with Stellar's rival, Ripple. However, the partnership was terminated earlier this year as Ripple continues to battle with the United States SEC over the XRP token.The US SEC and other regulators are seeking to regulate stablecoins, but they have no intention to ban cryptocurrencies.
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