MoneyGram Introduces Crypto-to-Cash Service on Stellar Network


Alex Dovbnya

Money transfer company MoneyGram has launched its Stellar-based service after months of testing

MoneyGram, the Dallas-based money transfer company, has announced the launch of a crypto-to-cash service in partnership with the Stellar Development Foundation (SDF).

The service has been rolled out in several major money transfer markets, including the Philippines and the US. It is expected to be launched in more countries by the end of the year.

Users can convert fiat currencies, such as US dollars or euros, into cryptocurrency tokens.

As reported by U.Today, the Ripple rival officially joined forces with MoneyGram last October to test instant cryptocurrency transfers using Circle’s USD Coin (USDC) stablecoin. The second largest dollar-pegged stablecoin went live on the Stellar network in February 2021. MoneyGram and Stellar started the joint project last March. Now that the service has been launched in several countries after months of testing, it is expected to boost financial inclusion in areas with unbanked people.

Blockchain sleuth Ellipic also announced that it has partnered with MoneyGram to provide the company with blockchain analytics solutions.

Stellar Development Foundation CEO Denelle Dixon stressed that about 2 billion people need to use cash because they cannot access the digital economy.

MoneyGram was forced to end its much-hyped partnership with blockchain company Ripple after the latter was taken to court by the US Securities and Exchange Commission. The company used Ripple’s On-Demand Liquidity (ODL) solutions for foreign exchange (FX) trading.

With more than 350,000 agent locations around the world, MoneyGram could give cryptocurrency adoption a much-needed push.

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