DALLAS—Moneygram is getting ready to launch a service in partnership with the Stellar blockchain that would allow users to send stablecoins and convert them to hard currency.
The decision comes at a time remittances become more popular in emerging markets, but also as stablecoins come under heightened scrutiny from both the market and the government.
Once the service fully launches, users with digital wallets on the Stellar blockchain will be able to convert their holdings into Circle Internet Financial’s stablecoin, which can then be cashed out through MoneyGram’s network, The Paypers reported.
“MoneyGram’s new service with Stellar could also help spread crypto usage in emerging markets. For example, El Salvador President has criticized remittance companies for charging hefty fees and said using bitcoin will save the country $400 million a year on money sent home by nationals living abroad,” the Paypers stated. “In the U.S., where remittances abroad total more than $100 billion annually, MoneyGram has been accused by New York state and the Consumer Financial Protection Bureau of delaying international money transfers and failing to disclose prices.”
Lawsuit Ended Earlier Partnership
MoneyGram previously worked with Ripple Labs. The partnership between MoneyGram and Ripple ended in March 2021 following a lawsuit filed against Ripple by the U.S. Securities and Exchange Commission in December 2020, alleging that the company held an unregistered securities offering of its XRP token, The Paypers said.
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