Moneygram introduces USDC crypto-to-cash and vice versa program

Moneygram introduces USDC crypto-to-cash and vice versa program

Moneygram, a US-based cross-border remittance and payments company, has recently announced the unification of a dollar-pegged stablecoin, USDC, as an asset for settlement for its crypto to cash and cash to crypto program.

The crypto program is part of the agreement that Moneygram signed with the Stellar Development Foundation in October 2021 when Moneygram announced that it will extend a program that will allow the customers to send USDC-based remittances.

The company will utilize the Stellar network as a settlement layer to facilitate the USDC transactions needed for the operation of the program.

The payments and money transfer company will first allow its customers to exchange USDC for cash and cash for USDC in some particular markets, including the US, Kenya, Canada, and the Philippines, with a plan to expand it across the globe by the end of this month.

This can be either done via Moneygram app, or customers can also visit any offices of the company based in the above-stated countries to complete the operation.

Moneygram has made this move to bring financial inclusion to all those who are still underbanked and undeserved in some markets where citizens still find opening bank accounts difficult.

Denelle Dixon, Chief Executive Officer and Executive Director, Stellar Development Foundation, said that there are nearly 2 billion people that depend on cash for carrying out their expenses and have no access to the digital economy. At the same time, an ongoing problem for crypto users is off-ramping cryptocurrency reliably and quickly.

Moneygram with its new program seeks to solve this problem for numerous users with varying needs across the world, said Denelle Dixon.

This sort of crypto alliance is not something new for Moneygram, which had partnered with another cryptocurrency and payments firm, Ripple, to initiate the use of its solutions for remittances in 2018.

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