MoneyGram, a company focused on remittances, has announced a new pilot program in partnership with the Stellar blockchain, after partnering with the Stellar Development Foundation (SDF).
According for blogThe two parties have agreed to launch a live cash-out and cash-out pilot program in the United States of America.
Participants can deposit funds into their wallets at participating MoneyGram sites and also send payments internationally via USDC based on Stellar.
Also, the beta version allows participants to exchange USDC with any supported fiat currency on the MoneyGram platform.
The Foundation (SDF) indicated that electronic wallets, financial services based on applications and digital assets are becoming more common than ever, and the payments company has noticed the increasing adoption of these innovative products and services.
In addition, settlements are almost instantaneous via USDC payments, which anticipate faster collection of funds, improved efficiency, and reduced risk.
In essence, this unique partnership embraces the fact that despite the increasing use and adoption of digital assets, cash is still being used and is not going anywhere.
Many markets around the world are still cash operated, and these markets often serve a large unbanked and underbanked population.
MoneyGram and Stellar Partnership:
In September, MoneyGram signed an official partnership with Stellar.
MoneyGram, a remittance-focused company, is a former partner of Ripple, while Stellar is a competitor to Ripple.
The new service is expected to be available worldwide in 2022, with the services starting to operate in select markets during the remainder of this year.
In addition, United Texas Bank will act as a settlement bank between MoneyGram and Circle, the latter being the issuer of the USDC stablecoin.
In May, MoneyGram announced that it had entered into a partnership with operator Coinme, which operates ATMs to facilitate bitcoin transaction services.
The duo of MoneyGram and Coinme will take 4% of each transaction, along with a flat fee of $2.75.
Additionally, Walmart-based machine sites will charge an additional $2 fee.
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