MoneyGram Launches Stablecoin App to Reinvent Cross-Border Finance: Is Best W...
MoneyGram is launching its own entry into the digital custody space with an app designed to hold both traditional fiat currencies and stablecoins. A trial run is scheduled in Colombia before MoneyGram expands to other markets. It’s a carefully planned decision, as most remittances in Colombia come from abroad, usually in USD. The underlying blockchain is powered by Stellar and Crossmint, with customer balances held in Circle’s USDC. While MoneyGram’s new wallet appears to be a good way to bring existing MoneyGram customers into stablecoins, support for other cryptocurrencies is limited.....
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Moneygram, one of the leaders in the cross-border payments and remittances market, has partnered with the Stellar Development Foundation to use the Stellar blockchain for settlements. The company will use the native version of USD coin (USDC), a popular stablecoin, to simplify and accelerate the process of sending remittances. This also means that Moneygram will act as a fiat on and off-ramp service for USD coin users.
Moneygram to Use Crypto for Remittances
Moneygram, a Dallas, Texas-based payments and remittances company, has announced a partnership with the Stellar Development....
The partnership will enable MoneyGram customers to fund and withdraw from their accounts using the USDC stablecoin at physical branches. Financial services company, MoneyGram International, has partnered with the Stellar Development Foundation to enable consumers to send money using Circle’s popular stablecoin, USD Coin (USDC) and convert directly to and from fiat. Per a 6 Oct. announcement, MoneyGram has integrated support allowing crypto wallets connected to the Stellar Network to access its global retail platform. Working alongside Circle, MoneyGram will also enable “near-instant....
Alibaba's Ant Financial Services has acquired MoneyGram. At the same time, it explores blockchain tech for Alipay. Alibaba Group Holding Limited, the Chinese e-commerce and financial services conglomerate has made a significant move into the remittance industry. The company’s subsidiary Ant Financial Services Group has acquired MoneyGram International Inc. for $880 million. The acquisition of MoneyGram not only offers Ant Financial a stronger foothold in the remittance sector but also gives it a unique opportunity to expand its services across the globe. MoneyGram and its counterpart the....
MoneyGram CEO Alex Holmes said the international remittances stalwart wants to be a bridge between the crypto and fiat worlds. MoneyGram International, one of the world’s largest cross-border transfer services, is partnering with the Stellar blockchain to create a stablecoin-based platform for money transfers. The new service will allow Stellar wallet users to send Circle’s USD Coin (USDC) to recipients, who will be able to cash them out for fiat currency through the MoneyGram network.“We’re trying to be a bridge from the crypto world to the fiat world,” MoneyGram CEO Alex Holmes said in....
According to reports, Russia’s Finance Ministry has started collaborating with “friendly” governments to create a cross-border stablecoin-based payments platform. Russia To Turn To Stablecoins According to Russian state news outlet Tass, deputy finance minister Alexey Moiseyev today said the nation is investigating stablecoins to make payments with “friendly countries.” Moiseyev further suggested that the stablecoins […]