USDC takes it to the next level – Last January, the money transfer company MoneyGram has distanced itself from Ripple (XRP). However, she confirmed her partnership with Stellar (XLM). This partnership is conclusive, since MoneyGram has just announced the release of a crypto service unique and innovative, the result of his work with the Stellar Development Foundation (homeless).
Crypto spotlight at MoneyGram
On June 10, 2022, the company MoneyGramspecializing in money transfers, announced the launch of a new crypto service in partnership with the non-profit organization, the homeless. This new service will increase the usefulness of digital assets. It will create a bridge between cryptocurrencies and cash withdrawal in fiat currency. Moreover, this feature had already announced in October 2021.
Specifically, this new crypto service from MoneyGram is built on the blockchain. Stellar (XLM). It allows users of Stellar wallets tosend USDC to recipients based around the world. These users can then withdraw fiat currencies equivalent to these USDCs.
MoneyGram’s new service is already available in key countries for remittances: the Canada, Kenya, the Philippines and the United States. By the end of the month June 2022the functionality of global withdrawal should be available in 7 other countries. Additionally, to encourage users to use this new feature, USDC Transfer will only generate no charges during the first 12 months of operation.
MoneyGram CEO, Alex Holmeswelcomed the launch of this service in partnership with the SDF:
“At MoneyGram, we are on a mission to provide innovative financial solutions that connect communities around the world, and the initial launch of this service is another milestone in our journey. »
Thus, this feature of MoneyGram is intended to bridging the gap between digital assets and physical currency. It must also demonstrate the utility of crypto payments. In addition, this service should helping the global unbanked population access the digital economy.
MoneyGram and Stellar work for financial inclusion
According to World Bank data, approximately 1.7 billion adults would not unbanked. In this sense, these people do not have access to an account in a financial institution.
However, thanks to this functionality, consumers will be able to go to a MoneyGram agency. They will then be able to load their digital wallets and thus access the digital economy.
The CEO and Executive Director of the SDF, Denelle Dixonsaid :
“Today, almost 2 billion people depend on cash for their livelihood, without the possibility of accessing the digital economy. At the same time, a persistent pain point for crypto users is the rapid and reliable rise of cryptocurrency. The revolutionary nature of this service is the way it solves the problems of a range of users with varying needs around the world. »
Finally, regarding the company Circle (USDC), it seems to be in an interesting dynamic. Indeed, the asset management company BlackRock would have joined a tour of $400 million financing on behalf of Circle.