MoneyGram Partners with Stellar to Develop Stablecoin Remittance Platform, and Eyes El Salvador Partnership -Breaking
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MoneyGram Partners in Stellar’s Stablecoin Remittance Network, and Eyes El Salvador PartnershipMoneyGram, a global leader in developing digital P2P payment methods, has joined forces with Stellar Foundation to connect the crypto and fiat realms.
MoneyGram Partners With Stellar to Remit Stablecoin Remittances
MoneyGram will create a stablecoin-based platform to facilitate money transfers through the partnership with the Stellar Foundation and MoneyGram, the issuers the Stellar blockchain as well as the XLM token.
MoneyGram will leverage Stellar’s blockchain to build a platform for stablecoins for use in remittance payments. When MoneyGram’s new service launches, the platform will predominantly use Circle’s (USDC).
The platform will also allow users to cash out their stablecoins for fiat currency through MoneyGram’s network.
MoneyGram: El Salvador to Work
In an interview, MoneyGram’s CEO Alex Holmes revealed that the company is also in talks with third-party companies providing digital wallets in El Salvador, alongside the government-backed Chivo wallets.
Holmes feels that El Salvador would benefit greatly from the formation of a partnership. El Salvador is the first country with a legal currency.
MoneyGram’s relationship with Stellar dates back to October 2021, when the two collaborated to connect digital wallets to the Stellar network, thereby granting users access to MoneyGram’s global retail platform.
The Flipside
- This comes amid regulatory tension that has risen from the demise of the ecosystem. It led to the losses of more than $50 Billion for investors.
Why you should care
MoneyGram believes crypto will be around for the long-term and is essential to bring it into mainstream consciousness.
Learn more about MoneyGram’s previous partnership with Stellar here:
MoneyGram announces an innovative partnership with Stellar Development Foundation in order to use blockchain technology
MoneyGram invested in several crypto companies. This article explains how you can find out more:
MoneyGram announces Minority Investment in Coinme – The Largest Licensed Cryptocurrency Exchange Cash Exchange in America
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