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MoneyGram and Stellar open remittance platform: wallet deal possible in El Salvador

 


MoneyGram International is one of the largest remittance services for cross-border payments and has now partnered with the Stellar blockchain to create a stablecoin-based money transfer platform. This new service allows users to send Circle USD coins ( USDC ) from Stellar wallets to a recipient who can exchange them for fiat currency via the MoneyGram network.


"We're trying to build a bridge between the crypto world and the fiat world," MoneyGram CEO Alex Holmes said in an interview .


Holmes further explained that MoneyGram is in discussions with third -party providers that offer other digital wallets in El Salvador in addition to the state-owned Chivo wallet . These were introduced when the country made Bitcoin ( BTC ) legal tender last year. By partnering with these companies, MoneyGram could also offer BTC transfers.


“If a country like El Salvador seamlessly connects bitcoin to US dollars, consumers should be able to transfer bitcoin to El Salvador through MoneyGram, or send dollars and convert them to bitcoin,” Holmes told Bloomberg. "If this is the direction the world is going, then we should be a part of this world and do something to help seize this opportunity."


MoneyGram recently partnered with Ripple Labs, which once held many of the company's shares. Ripple and MoneyGram parted ways in March 2021 shortly after the US Securities and Exchange Commission filed a lawsuit against Ripple. MoneyGram's involvement in Ripple led to a class action lawsuit against the payment service in March 2021.


MoneyGram and Stellar have been working together since October 2021  and launched a pilot program in November. In the summer of 2021, it was widely reported that Stellar was interested in acquiring MoneyGram.

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