MoneyGram & Stellar Announce Cash-In Cash-Out Pilot Launch

MoneyGram’s partnership with Stellar has reached its first milestone with the launch of a live cash-in and cash-out pilot in the United States (US). Participants of the pilot project can deposit money into their digital wallet at any participating MoneyGram location.

An important milestone

MoneyGram announced in October that it was partnering with the Stellar Development Foundation to integrate the MoneyGram network and the Stellar blockchain. The integration would enable local currency payouts and cash financing with Stellar USDC. It would also allow for immediate settlement options

The pilot is considered the first important milestone in that collaboration. Participants can deposit cash into their wallet from MoneyGram locations. They can also send payments abroad using the Stellar USDC. Participants can also exchange their Stellar USDC for any supported cash currency on MoneyGram.

A revolution in the payments industry

MoneyGram has kept pace with app-based financial services, electronic and digital wallets and the growing popularity and adoption of these services. MoneyGram is the first money transfer company to integrate blockchain technology and use it as part of its FX trading.

The company has also continued to make strategic investments in blockchain technology. It has also forged innovative partnerships focused on P2P digital payments and money transfers.

Stellar’s Partnership with Moneygram

MoneyGram’s partnership with Stellar allows its users to convert USDC into cash and vice versa. All this can be done without the need for a bank account. USDC, already the fastest growing digital dollar currency, will see additional utility and an increase in liquidity as more wallets and users join the ecosystem.

The partnership also enables instant settlements with MoneyGram, thanks to the use of USDC. The immediate payment arrangements will go a long way towards reducing risk. Furthermore, it will help improve efficiency and enable faster fundraising.

Cash still very important

The partnership between MoneyGram and Stellar also underscores the fact that while the world is experiencing significant growth in the adoption and usability of digital assets, cash will still be a major player in the world. A significant number of world markets would still run on cash. Many parts of the world have no or insufficient banks.

MoneyGram’s integration with Stellar provides users of the service with easy access to the crypto and blockchain industry. Individuals in emerging markets will have easier access to the space thanks to the pilot. According to MoneyGram and Stellar, the pilot is the first of many initiatives that will enable greater access to the world’s financial system.

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