There are some pretty essential moves that are taking place in the crypto space. The mass adoption of digital assets has been one of the main goals that the crypto industry has.
There have been many efforts made in this direction, and they continue.
MoneyGram teams up with Stellar and USDC
Now, it’s been revealed that MoneyGram is working with Stellar blockchain network to create instant money transfers via Circle’s USDC stablecoin.
Coindesk noted that the companies would start with a pilot in Q4 of this year.
Early 2022 will be seeing a gradual rollout of the ledger-based stablecoin bridge between crypto and local currencies.
One of the movement’s aims is connecting MoneyGram’s 150 million or so consumers.
“Working with MoneyGram allows end consumers to have on- and off-ramps everywhere that MoneyGram’s vast agent network supports this. So this is just transformational in terms of being able to exchange crypto for fiat and fiat for crypto,” Denelle Dixon, CEO and executive director of the Stellar Development Foundation, said in an interview.
“We’re trying to go as big as we can.”
The same online publication noted that the news will come as a slap in the face for Ripple – as you probably know by now, Ripple’s longstanding relationship with MoneyGram wound down after the U.S. SEC filed suit against Ripple in December 2020, saying the firm violated federal securities laws.
MoneyGram in the news
Back in May, MoneyGram was announcing that it was planning to allow people in the U.S. to withdraw their crypto holdings in cash – this marks another step from mainstream financial institutions toward acceptance of nascent digital currencies.
Not too long ago, MoneyGram said that it had teamed up with BTC exchange and ATM operator Coinme on the feature.
Stay tuned for more news from the crypto space and make sure to keep your eyes on the crypto market.