MoneyGram is partnering with Stellar to develop a stable money transfer platform and plans to partner with El Salvador
MoneyGram, the world’s leading developer of P2P digital payments, is partnering with the Stellar Foundation to bridge the worlds of crypto and fiat currency.
MoneyGram partners with Stellar on stablecoin exchanges
The partnership between MoneyGram and the Stellar Foundation, the issuers of the Stellar blockchain and XLM tokens, will include the creation of a stable coin-based money transfer platform.
MoneyGram will use Stellar’s blockchain to build a platform for stablecoins to be used for remittances. When launching the new MoneyGram service, the platform will mostly use circles (USDC).
The platform will also allow users to withdraw their stablecoins against fiat currencies through the MoneyGram network.
MoneyGram works with El Salvador
In an interview, Alex Holmes, CEO of MoneyGram, revealed that in addition to government-backed Chivo wallets, the company is also in talks with offshore companies that offer digital wallets in El Salvador.
Holmes believes the partnership will help speed up the pace of adoption in El Salvador, the first country to submit legal tender.
MoneyGram’s relationship with Stellar dates back to October 2021 when the two worked together to connect digital wallets to the Stellar network, giving users access to MoneyGram’s global retail platform.
on the flip side
- The move comes amid heightened regulatory tensions stemming from the collapse of the ecosystem, which has led to more than $50 billion in losses for investors.
Why should you care
MoneyGram believes that cryptocurrencies are here to stay and that bringing them into the mainstream is critical.
Learn more about MoneyGram’s previous partnership with Stellar here:
MoneyGram announces innovative partnership with Stellar Development Foundation to leverage blockchain technology
MoneyGram has also invested in crypto companies. You can read about it here:
MoneyGram announces a minority stake in Coinme, the largest licensed cryptocurrency exchange in the United States
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