Moneygram Launches USDC Crypto-to-Cash Program in Select Markets – Bitcoin News

Moneygram, a US-based payments and remittance company, has announced the integration of USDC, a dollar-pegged stablecoin, as a settlement asset for its cash-to-crypto and crypto-to-cash program. The company will first allow users to exchange USDC for cash and vice versa in certain markets, including Canada, Kenya, the Philippines, and the US, with the expectation of rolling it out globally later.

Moneygram Implements USDC Ramp Program

Traditional remittance companies are now trying to include crypto in their operations and offer more crypto-related services. Moneygram, a payments and remittance company, recently announced that it would begin allowing its users to list USDC, a dollar-pegged stablecoin, as part of its crypto on and off program. The company will use the Stellar network as a settlement layer to carry out the USDC transactions necessary for the operation of the program.

The program established that customers who need to exchange USDC for fiat currencies, or who are selling and looking to acquire cryptocurrency with their fiat currencies, will be able to use the Moneygram app to arrange an exchange, and will be able to go to any of the company’s offices in Canada. , Kenya, the Philippines and the United States to complete the operation.

financial inclusion

For Moneygram, this move is about bringing financial inclusion to people who are still unbanked and underserved in some markets that have difficulty opening bank accounts for their citizens. One of the problems this program seeks to solve, Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation stated:

Today, nearly 2 billion people rely on cash for their livelihoods, with no options to access the digital economy. At the same time, a persistent pain point for native cryptocurrency users is the shortening of crypto quickly and reliably. The innovative nature of this service is how it solves the problems of a variety of users with different needs around the world.

The service is already available in the select markets mentioned above, and Moneygram stated that it is targeting global withdrawal functionality by the end of this month. This program is part of the partnership Moneygram signed with the Stellar Development Foundation last October when the company announced it would begin allowing customers to send USDC-denominated remittances.

This type of crypto alliance is not new for Moneygram, which had entered into a partnership with Ripple, another payment and cryptocurrency company, to test the use of its remittance solutions in 2018.

What do you think about Moneygram’s new USDC-based crypto-to-cash program? Tell us in the comments section below.

Serge Goshchenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as a latecomer to the game, entering the cryptosphere when the price surge occurred in December 2017. With a background in computer engineering, living in Venezuela and being impacted by the rise of cryptocurrencies on a social level, offers a different point of view. about the success of cryptocurrencies and how he helps the unbanked and underserved.

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