MoneyGram Companions with Stellar to Develop Stablecoin Remittance Platform, and Eyes El Salvador Partnership
MoneyGram, the worldwide chief within the evolution of digital P2P funds, is partnering with the Stellar Basis to bridge the crypto and fiat worlds.
MoneyGram Companions with Stellar for Stablecoin Remittances
The partnership between MoneyGram and the Stellar Basis, issuers of the Stellar blockchain and the XLM coin, will see the creation of a stablecoin-based platform for cash transfers.
MoneyGram will leverage Stellar’s blockchain to construct a platform for stablecoins to be used in remittance funds. When MoneyGram’s new service launches, the platform will predominantly use Circle’s (USDC).
The platform may even permit customers to money out their stablecoins for fiat foreign money by MoneyGram’s community.
MoneyGram to Work with El Salvador
In an interview, MoneyGram’s CEO Alex Holmes revealed that the corporate can be in talks with third-party corporations offering digital wallets in El Salvador, alongside the government-backed Chivo wallets.
Holmes believes {that a} partnership would serve to spice up the tempo of adoption in El Salvador, the primary nation to make a authorized tender.
MoneyGram’s relationship with Stellar dates again to October 2021, when the 2 collaborated to attach digital wallets to the Stellar community, thereby granting customers entry to MoneyGram’s international retail platform.
On the Flipside
- The transfer comes amid heightened regulatory rigidity ensuing from the collapse of the ecosystem, which result in the lack of over $50 billion for traders.
Why You Ought to Care
MoneyGram believes that crypto is right here to remain, and that bringing it to mainstream prominence is vitally necessary.
Be taught extra about MoneyGram’s earlier partnership with Stellar right here:
MoneyGram Declares Modern Partnership with the Stellar Improvement Basis to Make the most of Blockchain Expertise
MoneyGram has additionally invested in crypto corporations. You’ll be able to examine that right here:
MoneyGram Declares Minority Funding in Coinme, the Largest Licensed Cryptocurrency Money Trade within the U.S.
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