Moneygram works with Stellar Development Foundation to enable users transfers with USD COIN-Bitcoin messages

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Von: Krypto News Österreich

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Moneygram, one of the market leaders on the market for cross-border payments and transfers, has teamed up with the Stellar Development Foundation to use the Stellar blockchain for billing. The company will use the native version of USD Coin (USDC), a popular stable coin to simplify and accelerate the transfer process. This also means that Moneygram acts as a fiat on and off-ramp service for USD.

Moneygram uses crypto for transfers

Moneygram, a payment and transfer company based in Dallas, Texas, has announced A partnership with the Stellar Development Foundation, the development and growth low for the Stellar blockchain to use their skills to process payments and to facilitate transfers. The company will use the native version of USDC on the Stellar blockchain to move funds easier and more effectively.

Neither Moneygram nor circle are banks. The United Texas Bank will act as a handling between Circle and Moneygram and act as a link between the two institutions.

Moneygram is now becoming an off-ramp for users of USD Coin as a way to get Fiat money, and vice versa to create added value for the USDC ecosystem. Moneygram was one of the first transfer companies that integrated Blockchain as it. Ripple announced. However, this partnership was dissolved after the SEC announced in December 2020 to take legal action against the company.

easier, faster and cheaper

The new system to be implemented by the company should enable almost immediate resolution times with low fees and no implicit volatility by using stable coins. Alex Holmes, CEO of Moneygram:

Since cryptocurrencies and digital currencies are gaining in importance, we are particularly optimistic about the potential of stablecoins as a method for rationalization of cross-border payments ... Fiat currencies.

According to Circle, this is partnership will help to reduce the costs associated with transfer. This is one of the goals for sustainable development proposed by the United Nations, which aims to reduce the transfer costs from 7 % to 3 % of the funds sent. It will be interesting to see whether cryptocurrencies can help to achieve this goal at short notice.

What do you think of Moneygram's partnership with the Stellar Development Foundation? Tell us in the comment area below.

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