MoneyGram partners with Stellar and Circle for near-instant money transfers

On Wednesday (October 6), MoneyGram International, Inc. (NASDAQ: MGI), one of the world’s largest money transfer companies, announced a partnership with the Stellar Development Foundation, a non-profit organization that supports the development and growth of Stellar, an open network for storing and moving money.

According to the press release, this partnership will “enable cash funding and payout in local currency for consumers using USDC, as well as near-instant backend settlement capabilities.”

Cosnumers will be to “seamlessly convert USDC to cash, or cash to USDC,” which “increases the utility and liquidity of digital assets while also enabling more consumers to participate in the digital economy.”

Also, this partnership means that “settlement with MoneyGram will occur in near-real-time using Circle’s USDC,” which should allow “an accelerated collection of funds, improving efficiency and reducing risk.”

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