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Sunday, June 4, 2023

Moneygram Launches USDC Crypto-to-Cash Program in Certain Markets

Moneygram Launches USDC Crypto-to-Cash Program in Certain Markets – Traditional remittance firms are increasingly attempting to incorporate cryptocurrency into their operations and provide more crypto-related services. Moneygram, a remittance and payments firm, recently announced that as part of its crypto off and on-ramping program, users would be able to incorporate USDC, a dollar-pegged stablecoin.

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The company will use the Stellar network as a settlement layer to complete the USDC transactions required for the program’s operation. Customers who need to exchange USDC for fiat currencies, or who are selling and looking to acquire crypto with their fiat currencies, can use the Moneygram app to arrange an exchange, and then visit any of the company’s offices in Canada, Kenya, the Philippines, or the United States to complete the transaction.

Also Read: Lithuanian Government Approves Stricter Crypto Regulations

Moneygram’s goal with this move is to bring financial inclusion to people who are still underbanked and underserved in some regions where citizens have difficulty opening bank accounts. 

Denelle Dixon, CEO and executive director of the Stellar Development Foundation stated:

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“Almost 2 billion people still rely on cash as their primary source of income, with no access to the digital economy. Similarly, off-ramping cryptocurrency swiftly and reliably is a persistent pain point for crypto-native users. The way this service handles problems for a variety of consumers with diverse wants all around the world makes it groundbreaking.”

The service is already accessible in the above-mentioned markets, and Moneygram has stated that a global cashout feature will be available by the end of this month. This service is part of Moneygram’s partnership with the Stellar Development Foundation, which began in October when the business announced that consumers would be able to send USDC-denominated remittances.

Also Read: New American Express Credit Card Lets Shoppers Earn Crypto Rewards Tradable Across 100+ Cryptocurrencies

Moneygram is no stranger to crypto alliances; in 2018, it formed a relationship with Ripple, a cryptocurrency and payments firm, to test the usage of its solutions for remittances.

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