Money transfer firm MoneyGram is partnering with the Stellar Development Foundation to enable crypto payouts in local currencies for users, according to a Wednesday announcement.
The partnership will see MoneyGram utilize Circle’s USDC to settle payments and convert payouts to a user’s local currency. MoneyGram’s network will be integrated with the Stellar blockchain to settle the USDC transactions, and United Texas Bank will act as the settlement bank between Circle and MoneyGram.
Alex Holmes, MoneyGram Chairman and CEO, said the firm is especially bullish on stablecoins as a way to enable cross-border payment and settlement.
“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,” he said in today’s announcement.
Previously, MoneyGram had a partnership in place with distributed ledger company Ripple. However, it ended that partnership in March of this year as Ripple
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