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MoneyGram’s partnership with Stellar has already hit its first milestone with the launch of a live cash-in and cash-out pilot in the United States. Participants in the pilot project can deposit funds into their digital wallets at any participating MoneyGram location.
An Important Milestone
MoneyGram had announced in October that it had partnered with the Stellar Development Foundation to integrate the MoneyGram network and the Stellar blockchain. The integration would enable payouts and cash funding in local currency with Stellar USDC, along with instant settlement capabilities.
The pilot is considered the first major milestone in that partnership, enabling those participating to deposit cash in their wallets from MoneyGram locations and send payments abroad using the Stellar USDC. Participants can also exchange their Stellar USDC for any supported cash currency on MoneyGram.
Revolutionizing The Payments Space
MoneyGram has kept up with app-based financial services, electronic wallets, and digital wallets and has kept pace with these services’ growing popularity and adoption. MoneyGram is the first money transfer company that has integrated blockchain technology, using it as part of its FX trading.
Moneygram has continued to make strategic investments in blockchain technology and struck up innovative partnerships focused on digital P2P payments and money transfers.
Stellars Partnership With Moneygram
MoneyGram’s partnership with Stellar enables its users to convert USDC to cash or cash to USDC. All of this could be done without needing a bank account. USDC, already the fastest growing digital dollar currency, will see added utility and an increase in liquidity as more wallets and users join the ecosystem.
The partnership will also enable instant settlements with MoneyGram, thanks to the use of USDC. The immediate payment settlements will go a long way in reducing risks, improving efficiency, and enabling faster fund collection.
Cash Still A Major Player
The partnership between MoneyGram and Stellar also underlines the fact that while the world is seeing significant growth in the adoption and utility of digital assets, cash will still be a major player in the world. A significant number of world markets would still be running on cash as many areas of the world are unbanked or underbanked.
An Easy Entry Into Blockchain
MoneyGram’s integration with Stellar offers users of the service an easy entry into the crypto and blockchain industry. Individuals in emerging markets can have easier access to the space thanks to the pilot. According to MoneyGram and Stellar, the pilot is the first of many initiatives that will enable greater access to the world’s financial system.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.