MoneyGram International announced enabling USDC-denominated remittances in a partnership with the Stellar blockchain and Circle. It’s a strategic step for digital currencies being used for cross-border payments.
The new partnership means a lot for blockchain-based financial products. It means these innovative solutions can surely help real-world issues and bring more efficiency to the financial systems. Secure, reliable, and fast transactions between people around the world mean digital currencies can help more people and organizations easily.
Connecting the Two Worlds
Cross-border payments have always had problems in traditional banking. Accessing banking services isn’t easy for all people around the world. Besides, the limitations and sanctions hurt many people in developing countries. Cryptocurrencies, especially stablecoins, can solve many of these issues. But they still need a partnership with traditional financial services to offer comprehensive solutions.
USDC and the Stellar blockchain are very active at tackling these problems and partnering with banks. The latest partnership with MoneyGram International can be a strategic step in this path.
MoneyGram International will enable USDC remittances on the Stellar blockchain. It means this digital currency can be used more freely and easily in cross-border payments. MoneyGram International, Stellar Development Foundation, and Circle are the main partners in this new plan. The ultimate result will be enabling USDC and fiat on and off-ramp. MoneyGram’s global retail platform will use this solution.
USDC is one of the most successful stablecoins in the market. It’s not limited to blockchains and is considered an open protocol stablecoin. Stellar and many other blockchains support it. It means deploying and using the stablecoin has the least barrier among stablecoins. This feature surely helps MoneyGram and other organizations use USDC easier. According to the announcement by Circle, the new partnership means a lot for connecting the digital economy to real-world use-cases:
“To now include viable pathways for global cash in and cash out points for USDC-denominated remittances on the MoneyGram network is an important bridge between the burgeoning digital economy and real-world use cases. Creating digital currency to fiat exchange points via the MoneyGram network will not only extend the perimeter of payments, it will improve access.”
The latest partnership between MoneyGram, Stellar Development Foundation, and Circle will have lots of utility for users in all sectors. It’s somehow the connection of the world’s fastest-growing stabelcoins with one of the largest networks of remittance nodes in the world. In simple terms, remittances will be a lot easier and more accessible, especially for those who rely on their family and friends to receive money from foreign countries.
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