The payments company announced a partnership with the Stellar Development Foundation.
Integration of the MoneyGram network and the Stellar blockchain will allow instant settlements and payments in local currency using the USDC stablecoin. United Texas Bank will serve as the clearing bank.
The service will launch this year, and the international settlement network based on the Stellar blockchain will be deployed in 2022.
The partnership will enable customers to seamlessly convert USDC to cash or cash to USDC. This increases the utility and liquidity of digital assets, and will attract more users to the digital economy, the company believes.
MoneyGram previously collaborated with Ripple and used the XRP token for cross-border transfers. But amid the protracted proceedings between Ripple and the SEC, the company abandoned the partnership.
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