Tuesday, November 29, 2022

MoneyGram to partner with Stellar blockchain for stablecoins remittance

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MoneyGram, one of the world’s largest money transfer services, is preparing for a partnership with Stellar blockchain to allow its users to send and convert stablecoins into fiat currency.

MoneyGram CEO, Alex Holmes, view on the crypto industry was optimistic saying:

“Crypto industry is here to stay and it’s going to be here for a long time despite recent selloffs and volatility.”

MoneyGram to establish a bridge between crypto and fiat

During a recent interview with Bloomberg News, Holmes said that since fiat and crypto are ‘’not really compatible today’’ the company’s main goal is to establish a bridge between them.

Meanwhile, the company offers Bitcoin services to clients and with its partnership with Stellar, it will allow its users to carry out USDC remittances. Additionally, customers can also use the MoneyGram network to cash out their holdings.

Dante Disparte, Circle (the company that issues USDC) CSO, noted that de-pegging will not occur like in TerraUSD since the stablecoin will be fully backed by safe liquid assets.

Dante said:

“We’re not taking the dollar and putting it in the reserves and then lending it out. Instead, the reserves are strictly cash and US Treasuries.”

MoneyGram support for Crypto adoption

Despite the ongoing crypto market crash, Holmes said that he is optimistic about the future of crypto which he sees as a key feature of the financial network saying:

“I think adopting it, bringing it into the mainstream is important.”

Additionally, he addressed El Salvador’s move of making Bitcoin a legal tender as his company continues with the discussions with the authorities to boost the adoption pace:

“If a country like El Salvador is going to make Bitcoin seamless with US dollars in-country, I think that consumers, through MoneyGram, should be able to transfer Bitcoin to El Salvador or transfer dollars and convert them to Bitcoin. If that’s where the world is going, let’s participate in that world, and let’s see how we can help fulfill that opportunity.”

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