The digital P2P payments giant, MoneyGram International, Inc. announced a partnership with Ripple’s competitor, Stellar Development Foundation, a non-profit organization that supports the development of Stellar, an open-source public blockchain network facilitating cross-border transactions. Earlier this year, Ripple and MoneyGram wound down their partnership as MoneyGram suspended trading on Ripple’s platform in lieu of the ongoing XRP lawsuit.
Bridge the Fiat to Virtual Currency Gap
MoneyGram and Stellar blockchain’s exclusive partnership will delegate cash funding and payout for its consumers, in several local currencies, which extends from Dollar to Yen. This means that the collaboration is aimed at bridging the gap between crypto-assets and fiat currency, and further making the virtual currency more accessible.
“You can bring in your cash into a MoneyGram location and bring it onto the blockchain, and you don’t have to have a bank account to do that…And the same is true if you don’t have a bank account to pull your assets off of the blockchain like Stellar. [Now] you can do that by going into a MoneyGram location and picking up your cash there.”, said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation.
First of a Kind Direct USDC to USD settlement
The funding and pay-out process will be facilitated through the world’s fastest-growing dollar digital currency, Circle’s USD Coin (USDC). The companies claim to run a hassle-free conversion service of USDC to cash, and cash to USDC.
The network aims to accommodate near-instant backend settlements, enabling an accelerated collection of funds, improved efficiency, and reduced risk. Furthermore, this will be the first of a kind direct USDC to USD settlement within a bank’s regulatory framework, with the United Texas Bank serving as the settlement bank.
“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.”, said Alex Holmes, MoneyGram Chairman, and CEO.
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?