MoneyGram is officially moving on from Ripple.
This week, the payments giant announced a new partnership with the Stellar Development Foundation to use the Stellar blockchain, a Ripple Labs competitor, to facilitate cross-border payments.
MoneyGram’s payments on the Stellar blockchain will utilize the world’s second-largest stablecoin, Circle’s USD Coin (USDC).
USDC will allow settlement at MoneyGram to occur in “near-real-time” for the first time, according to the payments giant.
MoneyGram chairman and chief executive Alex Holmes explains,
“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.”
Stellar’s native asset XLM is trading at $0.349708 at time of writing, up 6.5% on the day and nearly 29% over the past