Moneygram is a U.S.-based remittance, payments and company that integrates USDC as a settlement asset. It will be used for the cash to crypto program and the crypto to cash program. Users will be able to convert USDC into cash in the U.S. and Canada. Later, it is expected that the company will expand its global reach.
Moneygram Launches USDC Ramp Program
Many traditional remittance firms are trying to incorporate crypto into their business and provide more services related to crypto. Moneygram, an international remittance company and payment provider, announced recently that it will allow its customers to use USDC as part of their crypto-off and on-ramping programs. To make USDC transactions necessary for operation of the program, the company will use the Stellar network to settle.
Customers who need to convert USDC to fiat currency, or are looking to purchase crypto using their fiat currencies can use the Moneygram app. They will then be able go to the U.S. offices in Canada, Kenya and the Philippines to finish the transaction.
Financial Inclusion
Moneygram believes that this initiative is about financial inclusion for those who are currently underbanked or underserved in certain markets, which make it difficult for citizens to open bank accounts. Denelle Dixon, executive director and CEO of Stellar Development Foundation, stated that the program addresses one problem:
Today almost 2 billion people depend on cash to support their daily lives. There are no digital options for them. However, the main problem for cryptocurrency-natives is not being able to quickly and reliably access their crypto currency. What is unique about this service? It solves problems for many users from different parts of the globe.
Moneygram announced that the service was already in place in selected markets and it plans to launch a worldwide cashout function by the end this month. Moneygram announced last October that the program was part of a partnership with Stellar Development Foundation. It also allows customers to send USDC-denominated money transfers.
Moneygram has been using this type of alliance for years. It had previously partnered up with Ripple to trial its solutions in remittances.
What do you think about Moneygram’s new USDC-based crypto-to-cash program? Please leave your comments below.
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