Moneygram, a US-based remittance and payments company, has announced the adoption of USDC, a dollar-pegged stablecoin, as a settlement asset for its cash to crypto and crypto to cash programs.
Moneygram will initially allow users to exchange USDC for cash and vice versa in select markets, including Canada, Kenya, the Philippines, and the United States, with plans to expand it globally later.
Customers who need to exchange USDC for fiat currencies, or who are selling and looking to acquire crypto with their fiat currencies, can use the Moneygram app to arrange an exchange.
One of the problems that this program seeks to solve, Denelle Dixon, CEO and executive director of the Stellar Development Foundation stated:
“Today, almost 2 billion people rely on cash for their livelihood, with no options to access the digital economy. At the same time, a persistent pain point for crypto-native users is off-ramping cryptocurrency quickly and reliably. The groundbreaking nature of this service is how it solves problems for a range of users with varying needs around the world.”
Moneygram has stated that it plans to launch global cashout functionality by the end of this month.
This program is part of Moneygram's partnership with the Stellar Development Foundation, which was announced last October when the company announced that customers would be able to send USDC money transfers.
Moneygram is not new to crypto alliances; in 2018, it formed a partnership with Ripple, another cryptocurrency and payments company, to kickstart the use of its money transfer solutions.
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