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- Stellar Lumens joins hands with Zypto and MoneyGram to launch Circle’s USDC on the Zypto wallet.
- This partnership aligns with Stellar’s mission of facilitating equitable access to the global financial system and increasing financial inclusion.
A decentralized and borderless payment platform, Zypto, has announced a strategic partnership with MoneyGram and Stellar Lumens.
According to the details briefly shared on X, users of the Zypto wallet would have the luxury of conveniently visiting and selecting MoneyGram locations worldwide to transfer USDC on the Stellar blockchain.
Blockchain, meet real world. Exciting partnership built on Stellar //🤝 @MoneyGram 🤝 @ZyptoApp https://t.co/wE6Z4CqnZy— Stellar (@StellarOrg) September 9, 2024
This collaboration coincides with the recent launch of Zypto’s referral program, which is meant to boost the app’s adoption via gamifying trading and spending cryptos. According to reports, this program would provide exclusive perks to Zypto holders, including daily rewards and cashback on transactions.
Stellar’s involvement in this collaboration aligns with its principal objectives of creating equitable access to the global financial system. To enforce this mission, it sealed a groundbreaking partnership with MoneyGram in 2022 to accommodate its crypto-to-cash service on the Stellar network. The announcement at that time disclosed that the move was to build a bridge between cash and cryptos while boosting the utility of digital assets.
More on Stellar Lumen’s Mission and Effort in the Global Financial setting
In 2023, MoneyGram announced another partnership with Stellar to launch USDC transfer services. This was to expand its availability to different remittance markets, including the United States, Canada, Kenya, and the Philippines.
According to Denelle Dixon, the CEO of the Stellar Development Foundation, its moves enhance financial inclusion and support the 1.7 billion unbanked people.
Delving deeper into the relationship with Circle’s USDC, it was observed that an agreement has already been finalized for banks, Fintechs, and exchanges to leverage the infrastructure, speed, and low-cost privileges of the Stellar network to access USDC and EURC.
USDC and EURC on Stellar leverage the efficiency and reach of the Stellar network to power innovative financial services for your institution. With the help of trusted partners, you can enable low-cost, near-instant payments with finality and access new users and businesses using USDC and EURC on Stellar’s payment rails.
At press time, Stellar Lumens (XLM) was trading at $0.09, having surged by 2% in the last 24 hours.
Confirming this, CNF analysts observed several instances, including the XRP’s 8% surge on July 31. At that time, XLM surged by a similar margin from $0.09 to $0.105.
Theoretically, both assets are focused on facilitating cross-border payments. However, they differ regarding partnerships, technological implementations, and tech stacks.