Moneygram International, a known name in the financial services sector, has partnered with SDF to introduce a new feature. SDF or Stellar Development Foundation and Moneygram are now going to make it easy to convert to and from USDC, a popular stablecoin.
Per the information released by Moneygram to the press, the company has managed to integrate support for crypto wallets connected to the Stellar Network. Users can access the retail platform which is a global one and have access to almost instant settlements from the backend. Account funding and fiat withdrawals locally will now be possible by using USDC stable tokens. The bank which will carry out settlement activities is United Texas Bank. These processes will adhere to the regulatory framework.
Alex Holmes, Moneygram’s CEO, said that the company is optimistic about the potential offered by stablecoins as a payment method, especially across borders. It is the right time to add crypto and digital currencies as they are gaining in prominence. According to the information put out by the company, the partnership should have already launched in some areas by the end of 2021. An international rollout is in the works for 2022.
Denelle Dixon, SDF’s DEO also commented on the partnership and said that a new segment of users will be able to use USDC freely. This gives them access to a quick and affordable service in the digital assets realm, something which may not have been available previously.
The SDF/Moneygram integration took place just a few months after Moneygram let customers withdraw crypto for cash in the US. Moneygram has been working with blockchain related technology for a few years now. It partnered with Ripple, a company which offers distributed ledger technology, in 2019. This collaboration helped facilitating cross-border payments and settling foreign exchange transactions using crypto and other digital assets.