MoneyGram and Stellar Development Foundation Announce Partnership
Fazzaco learned that MoneyGram International, Inc., a major global remittance company, has partnered with Stellar Development Foundation, a non-profit organization that supports the development and growth of the open-source Stellar network.
According to the official press release, MoneyGram's network, integrated with the Stellar blockchain and facilitated through Circle's USD Coin (USDC), will enable cash funding and payout in local currency for consumers using USDC, as well as near-instant backend settlement capabilities.
United Texas Bank will serve as a settlement bank between Circle and MoneyGram. The first phases of the pilot will be deployed in the fourth quarter of this year.
The partnership is scheduled to go live in select markets in 2021, with further international rollout planned in 2022.
"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 Alex Holmes, MoneyGram Chairman and CEO. "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."
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