MoneyGram International has reportedly formed an alliance with the Stellar Development Foundation, to offer supporting features for money transferring via Circle’s USDC, with direct to-and-from fiat conversion.
Specifically, the financial services firm reportedly finalized the integration of said facilitating feature, making it possible for crypto wallets linked to the Stellar Network to tap into its international retail platform.
Collaborating with Circle, MoneyGram will further introduce “near-instant backend settlement”, account funding and local fiat withdrawals using the USDC stable token.
United Texas Bank will reportedly take up the role of the settlement bank, to finalize the process associated with 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” Alex Holmes, chairman and current Head of MoneyGram, reportedly remarked.
The rollout timeline for the project is reportedly towards the end of 2021 in a few particular jurisdictions, with an additional global introduction down the pipeline for 2022.
A new segment of cash users will be able to convert their cash into and out of USDC, giving them access to fast and affordable digital asset services that may have previously been out of reach.” Denelle Dixon – executive director and current Head of the Stellar Development Foundation – further remarked.
MoneyGram’s partnership with Stellar reportedly surfaced only months following the company’s initiative to make withdrawal of crypto assets for cash available, through its point-of-sale outlets in the United States.