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With the increasing adoption of crypto and stablecoins, MoneyGram is planning to launch a stablecoin-based payments system that allows users to send funds in real-time. The payments platform has entered into a partnership with Stellar Development Foundation to develop a Stellar blockchain-based system that will use Circle's USD Coin (USDC) for its transactions.
MoneyGram and the Stellar Foundation will start a pilot of the project by the fourth quarter of 2021, according to Coindesk. The blockchain-based system will be gradually rolled out to MoneyGram’s 150 million users worldwide by 2022 and will act as a bridge between crypto and local currencies.
The partnership will provide users with the ability to seamlessly convert USDC to cash and vice versa. It will also enable more people to participate in the digital economy while increasing the liquidity and utility of crypto.
“At MoneyGram, one of our top strategic priorities is to pioneer cross-border payment innovation and blockchain-enabled settlement, and we're thrilled to now work with the Stellar Development Foundation to further our efforts,” MoneyGram Chairman and CEO Alex Holmes said. “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. Given our expertise in global payments, blockchain, and compliance, we are extremely well-positioned to continue to be the leader in building bridges to connect digital currencies with local fiat currencies.”
MoneyGram views its partnership with the Stellar Foundation as a revolution in the settlement process as it will use Circle’s stablecoin USDC for near-real-time settlements. Aside from speeding up transactions, the model will also reduce risk while improving efficiency.
“The launch of this partnership speaks to the power of digital currencies like USDC to create fast, secure, and seamless settlement for the digital economy,” Circle Chairman, Co-founder, and CEO Jeremy Allaire said. “Together, we're at the forefront of innovation, demonstrating how we can reimagine financial services that benefit and better serve global users.”
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