MoneyGram has announced that is be partnering with the Stellar Development Foundation, a nonprofit organization, to enable cash funding and payout in local currency for consumers using U.S. Dollar Coin (USDC), along with almost instantaneous back-end settlements, according to a press release.
The partnership will let customers convert USDC to cash or vice versa, which will boost utility and liquidity of digital assets, the release stated. It will also allow more consumers to access the digital economy.
“At MoneyGram, one of our top strategic priorities is to pioneer cross-border payment innovation and blockchain-enabled settlement, and we’re thrilled to now work with the Stellar Development Foundation to further our efforts,” said MoneyGram Chairman and CEO Alex Holmes in the release. “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. Given our expertise in global payments, blockchain and compliance, we are extremely well-positioned to continue to be the leader in building bridges to connect digital currencies with local fiat currencies.”
Settlements with MoneyGram will now happen in near-instant with USDC, which will improve the collection of funds, boost efficiency and decrease risk, according to the release.
Stellar Development Foundation CEO and Executive Director Denelle Dixon said in the release that the partnership shows “how blockchain technology and stablecoins bring new opportunities to global customers and enhance the existing financial system.”
She said a new swathe of cash users will now “be able to convert their cash into and out of USDC,” which will help them get faster, more nimble digital asset services, per the release.
MoneyGram has been a target of takeover interests as it has moved further away from legacy services. In July, Stellar and private equity firm Advent International were mulling the acquisition of MoneyGram.
Read more: MoneyGram Mulls Takeover Interest From Stellar Development
Ant Group previously also expressed interest in buying the company, but regulatory pressure nixed that idea.
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