Ripple Challenger Stellar (XLM) has partnered with money transfer service MoneyGram to launch a new global crypto-to-cash protocol featuring stablecoin USD Coin (USDC).
According to a recent press release, the duo plans to create a system that acts as a bridge between fiat money and cryptocurrencies, facilitating remittances and increasing the overall usefulness of digital assets.
“”[MoneyGram and Stellar] Today we announced the first rollout of the first global on / off lamp service for digital wallets to increase the usefulness of digital assets by creating a bridge between cash and cryptocurrencies. “
This product was announced last month and is currently available in many important money transfer markets such as the United States, Philippines, Canada and Kenya. According to the statement, its global cash-out feature is expected to be ready by the end of this month.
The service aims to link physical cash and digital assets using Stellar’s blockchain technology, which can tokenize money, and MoneyGram’s transfer service. It also features Stablecoin USDC as its centerpiece.
“This service is a monumental step in bridging the gap between physical and digital currencies in a way never before done on a large scale. As it evolves, this solution will blockchain. Technology will pave the way for further financial inclusion, create liquidity between cash and crypto, and allow more people to benefit from the digital economy …
This partnership focuses on providing services that will revolutionize the payment process. Payments with MoneyGram will be made for the first time in near real time using USDC, one of the world’s fastest growing dollar digital currencies. This accelerates the collection of funds, improves efficiency and reduces risk. “
MoneyGram offers free service for the first 12 months.
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?? Featured images: Shutterstock / mirrra3 / Satheesh Sankaran