cryptoknowmics.com
MoneyGram and the Stellar Development Foundation have formed a partnership to establish a service on the Stellar blockchain that will enable users to quickly transmit USDC and convert it into fiat currencies. Users who have wallets on the Stellar network will soon be able to transfer their cryptocurrency holdings into USDC, as said in an interview with Bloomberg. After the conversion, they will be able to easily withdraw their stablecoin holdings through MoneyGram.
Support for Crypto
MoneyGram has been a big supporter of the crypto industry. The American money transfer company is already one of the most prominent companies in the world to provide its customers with Bitcoin services. The company currently allows users to buy and withdraw bitcoins from various brick-and-mortar locations within the US. Alex Holmes, CEO of MoneyGram, stated that cryptocurrencies and fiat currency are not really compatible today while talking to Bloomberg about the company's new cooperation with Stellar. In addition to this, he acknowledged that the cryptocurrency business is here to stay. As a result of this revelation, MoneyGram has made it one of its primary missions to create a connection between the two sectors. He said, “We’re trying to be a bridge from the crypto world to the fiat world." The cryptocurrency industry is currently going through a bear market, which is being led by Bitcoin. Despite this, there are still indications that the sector will continue to expand and gain more adoption in the near future.