MoneyGram in an official statement is moving away from Ripple. Notably, The payments giant, MoneyGram announces new partnership with the Stellar Development Foundation. So, Stellar blockchain is a Ripple Labs competitor. Also, the plan is to use it to speed up cross-border payments.
Which of course, Payments on the Stellar blockchain will make use of world’s second-largest stablecoin. Of course, is the Circle’s USD Coin (USDC).
Furthermore, USDC will enable settlement at MoneyGram to happen in “near-real-time” for the first time. The payments giant reveals.
Additionally, MoneyGram chairman and chief executive Alex Holmes explains,
“As crypto and digital currencies rise in prominence, we’re especially optimistic…”
“…about the potential of stablecoins as a method to streamline cross-border payments.”
More so, Stellar’s native asset XLM is currently trading at $0.349708. Which represents 6.5% uptrend on the day and about 29% over the week. CoinGecko trading tracker reveals.
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Formerly, Ripple and MoneyGram in June 2019 was into a partnership for foreign exchange settlements and cross-border payments.
This means that Ripple will pay $50 million commitment. Of course, it completed in November 2019.
However, due to the lawsuit against Ripple by U.S. Securities and Exchange Commission’s (SEC). MoneyGram had to suspend the deal.
Notwithstanding, The CEO notes the company is hoping to continue its partnership with Ripple in the future. While, Ripple’s lawsuit with the SEC is ongoing.
