Moneygram has announced that USDC is a settlement asset for its cash to crypto and crypto to cash program. Users will be able to swap USDC for cash and vice versa in select regions.
Traditional remittance firms are increasingly attempting to incorporate cryptocurrency into their business and provide more crypto-related services. The company will employ 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 can use the MoneyGram app to arrange an exchange.
Financial inclusion
MoneyGram’s goal with this move is to promote financial inclusion for people. Almost 2 billion people still rely on cash as their primary source of income, with no access to the digital economy. Simultaneously, off-ramping cryptocurrency swiftly and reliably is a chronic pain point for crypto-native consumers. The way this service handles problems for a variety of consumers makes it revolutionary.
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 cooperation with the Stellar Development Foundation.
MoneyGram is no stranger to crypto partnerships
Stellar is a network for financial products and services. It is a cross-currency transaction system as well as a platform for the issuing of digital assets. Users of the Stellar-connected digital wallets Vibrant and LOBSTR, with more wallets expected to be added soon, can now access this service at MoneyGram’s participating international retail locations.
