MoneyGram International, Inc., NASDAQ: MGI), is the leader in developing digital P2P payment systems. Today, MoneyGram announced that it has partnered with the Stellar Development Foundation, non-profit organisation that promotes the growth and development of Stellar, an international open-source, public blockchain that allows money, tokenized, and transferred around the world. MoneyGram’s network, integrated with the Stellar blockchain and facilitated through Circle‘s (USDC), will enable cash funding and payout in local currency for consumers using USDC, as well as near-instant backend settlement capabilities.

The partnership allows consumers to convert USDC into cash or USDC to cash. The partnership will increase the liquidity and utility of digital assets, while also giving consumers more opportunities to take part in the digital economy. As more companies and wallets join Stellar, the partnership’s impact is likely to increase.

The settlement process will also be revolutionized by this partnership. For the first time, settlement with MoneyGram will occur in near-real-time using Circle’s USDC, the world’s fastest growing dollar digital currency. This will allow for faster collections, improving efficiency and decreasing risk.

MoneyGram is a pioneer in cross-border payment innovation, blockchain-enabled settlement and one of its top strategic priorities. It’s a joy to partner with Stellar Development Foundation and help further these efforts.”
Alex Holmes is the MoneyGram Chairman & CEO.

As crypto and digital currency rises in prominence, stablecoins are a promising method of streamlining cross-border payment. Our expertise in blockchain and global payments means that we can continue to lead the way in creating bridges between local fiat currencies and digital currency.
MoneyGram, the world’s first money transfer firm to use blockchain technology in its foreign currency trading, has launched many innovative partnerships to provide wide consumer access to digital currencies. MoneyGram continues to invest in initiatives related to digital currencies, and this latest integration with Stellar is the most recent in MoneyGram’s journey to lead the evolution of digital peer-to-peer payments.

“This partnership is an excellent example of blockchain technology and stablecoins bringing new opportunities to global clients and improving the existing financial systems.”
Denelle Dixon is the CEO and Executive Director at Stellar Development Foundation.

MoneyGram’s reach and speed of Stellar transactions will allow a new group of cash users to convert cash to and from USDC. This will enable them to access affordable and fast digital asset services previously unavailable to them. MoneyGram and we are pleased to work together to achieve our goal of creating greater financial accessibility.
“The announcement of this partnership demonstrates the strength of digital currency like USDC in facilitating fast and seamless settlements for the digital economy.”
Jeremy Allaire was also a co-founder and Chief Executive Officer of Circle.

“Together, our innovation is at the forefront, showing how we can reinvent financial services to better benefit and serve global clients.”
United Texas Bank will be the Settlement Bank between Circle MoneyGram. Scott N. Beck, Director of United Texas Bank, added, “We are pleased to play an integral part in completing the settlement process by working on this first of a kind direct USDC to USD settlement within a bank regulatory framework.”

This partnership will go live in selected markets by 2021. Additional international rollout is planned for 2022.

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