DALLAS and SAN FRANCISCO, October 6, 2021 / PRNewswire / – MoneyGram International, Inc. (NASDAQ: MGI), the global leader in the evolution of digital P2P payments, today announced a partnership with the Foundation for Stellar Development, a non-profit organization that supports the development and growth of Stellar, an open source public blockchain that allows money to be tokenized and transferred anywhere in the world. MoneyGram’s network, integrated into the Stellar blockchain and facilitated by CircleThe USD s (USDC) coin will allow cash financing and local currency payment for consumers using USDC, as well as near instant backend settlement capabilities.
For consumers, the partnership will provide the ability to seamlessly convert USDC to cash or cash to USDC. This increases the utility and liquidity of digital assets while also enabling more consumers to participate in the digital economy. The impact of this partnership is expected to grow as more portfolios and companies join the Stellar network.
This partnership is also revolutionizing the settlement process. For the first time, settlement with MoneyGram will be near real-time using Circle’s USDC, the world’s fastest growing digital dollar currency. This enables accelerated fundraising, improving efficiency and reducing risk.
âAt MoneyGram, one of our top strategic priorities is to pioneer innovation in cross-border payments and blockchain-enabled settlement, and we are delighted to be working now with the Stellar Development Foundation to continue our efforts â, said Alex holmes, Chairman and CEO of MoneyGram. âAs crypto and digital currencies gain in importance, we are particularly optimistic about the potential of stablecoins as a method of streamlining 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 to local fiat currencies. “
MoneyGram was the first money transfer company to use blockchain technology for its foreign exchange operations and has since launched several innovative partnerships that provide consumers with broad access to digital currencies. MoneyGram continues to invest in digital currency initiatives, and this latest integration with Stellar is the most recent in MoneyGram’s journey to lead the evolution of peer-to-peer digital payments.
âThis partnership is a shining example of how blockchain technology and stablecoins are providing new opportunities for global customers and improving the existing financial system,â said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. “Thanks to the reach of MoneyGram’s services and the speed and low cost of transactions on Stellar, a new segment of cash users will be able to convert their money into and out of USDC, giving them access to banking services. ‘Fast and affordable digital assets that may previously have been out of reach. We are delighted to partner with MoneyGram to continue our mission of creating more equitable financial access. “
âThe launch of this partnership is a testament to the power of digital currencies like the USDC to create fast, secure and transparent settlement for the digital economy,â added Jeremy Allaire, co-founder, CEO and president of Circle. “Together, we are at the forefront of innovation, demonstrating how we can reinvent financial services that benefit and better serve global users.”
United Bank of Texas will serve as the settlement bank between Circle and MoneyGram. Scott N. Beck, Director of United Texas Bank, added, âWe are delighted to play a pivotal role in completing the settlement process by working on this first USDC direct settlement in USD within a banking regulatory framework.
The partnership should be launched in certain markets in 2021, with a new international deployment scheduled for 2022.
About MoneyGram International, Inc.
MoneyGram is at the forefront of the evolution of P2P digital payments. With a focused strategy to mobilize the money movement, a strong culture of fintech innovation, and cutting-edge customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people globally over the past five last years.
The company leverages its modern, mobile, API-based platform and works with the world’s leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, global retail network and its emerging integrated financing business for corporate clients, MoneyGram as a Service.
For more information, please visit ir.moneygram.com and follow @MoneyGram.
Stellar is a decentralized, fast, scalable and particularly sustainable network for financial products and services. It is both a cross-currency trading system and a digital asset issuance platform, designed to connect the global financial infrastructure. Financial institutions around the world issue assets and settle payments on the Stellar network, which now has more than 5 million accounts.
About Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open source network that connects the global financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s code base, supports network-based technical and business communities, and serves as a voice for regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock global economic potential through blockchain technology.
Circle is a global financial technology company that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications around the world. Circle is the primary operator of USD Coin (USDC), which has evolved into the fastest growing fully reserved, regulated, digital dollar currency. USDC in circulation is greater than $ 30 billion and supported more 1000 billion dollars in chain transactions. Today, Circle’s transactional services, business accounts and platform APIs are spawning a new generation of financial services and business applications that promise to increase global economic prosperity for all through programmable Internet commerce. . Additionally, Circle operates SeedInvest, one of the largest equity crowdfunding platforms in the United States, which is a registered securities broker. Learn more about https://circle.com
About United Texas Bank
United Texas Bank is a full-service, FDIC-insured member state bank based in Dallas, Texas. The bank specializes in providing personalized personal and commercial banking services to clients and their businesses by providing them with creative solutions to help them achieve financial success. Through innovation, the bank responds to the needs of our customers by integrating digital market trends with traditional banking. Learn more about http://utb.com
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