MoneyGram Partnership with Stellar Network

Published on: 11.06.2022

MoneyGram, a global leader in the evolution of digital P2P payments, launches a pioneering global Crypto-to-Cash Service in partnership with the Stellar Network.

Partnership Highlights

To begin with, MoneyGram partnership with Stellar Development Foundation, a non-profit organization that supports the development and growth of Stellar Network, an open-source, public blockchain that allows money to be tokenized and transferred globally, announced the initial roll-out of a first-of-its-kind global on/off-ramp service for digital wallets to increase the utility of digital assets by creating a bridge between cash and cryptocurrencies.

Moreover, this partnership between MoneyGram and SDF, announced in October 2021, is now available in several key remittance markets, including Canada, Kenya, the Philippines, and the U.S., for the first wave of users, with global cash-out functionality expected to be available by the end of June 2022.

With the launch of this service, digital wallet users can now move seamlessly from cash to cryptocurrency, to cash again — all without requiring a bank account or credit card. However, consumers can now go into a MoneyGram location to either load their digital wallets to access the digital economy, or cash-out their digital currencies to increase the utility of their holdings.

Zero-fee Service

Furthermore, powered by the Stellar Network blockchain and Stellar-enabled digital wallets, MoneyGram retail agent network, and Circle‘s USD Coin (USDC), a fully-reserved digital currency, the service provides cash users access to the world of cryptocurrency via any participating MoneyGram location.

Indeed, this partnership of MoneyGram with Stellar Network focuses on delivering a service that revolutionizes the settlement process.

Most importantly, MoneyGram will offer this as a zero-fee service for the first 12 months to support adoption.

For the first time, settlement with MoneyGram will occur near-real-time using USDC, one of the world’s fastest-growing dollar digital currencies. In other words, this enables an accelerated collection of funds, improving efficiencies and reducing risks.

As previously stated, MoneyGram will expand access to the cash-in service into seven countries by the end of June. At which point cash-out functionality will also be available globally, where permitted by law. Learn more about the service and how to access it at stellar.org/moneygram.

About MoneyGram International, Inc.

MoneyGram is leading the evolution of digital P2P payments. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities. MoneyGram has grown to serve nearly 150 million people around the world over the last five years.

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