Financial services company, MoneyGram International, has partnered with the Stellar Development Foundation to enable consumers to send money using Circle’s popular stablecoin, USD Coin (USDC) and convert directly to and from fiat.
Per a 6 Oct. announcement, MoneyGram has integrated support allowing crypto wallets connected to the Stellar Network to access its global retail platform. Working alongside Circle, MoneyGram will also enable “near-instant backend settlement”, account funding, and local fiat withdrawals using the USDC stable token.
United Texas Bank will act as the settlement bank to complete the process within the regulatory framework.
“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.” said Alex Holmes, MoneyGram Chairman and CEO.
The partnership is expected to launch at the end of 2021 in select jurisdictions, with an expanded international rollout planned in 2022. Denelle Dixon, CEO and executive director of the