MoneyGram Launches Stellar Blockchain-Powered Wallet for Fiat and USDC Swaps
MoneyGram launches non-custodial wallet powered by Stellar blockchain, allowing users to swap between fiat currency and USDC stablecoin for improved cross-border payments.
Posted 10 months ago in Technology
MoneyGram is launching a non-custodial wallet powered by Stellar blockchain, allowing users to swap between fiat currency and USDC stablecoin, aiming to improve cross-border payments.
The wallet will be powered by the Stellar blockchain and signifies MoneyGram’s continued efforts to integrate crypto into its services. With greater adoption, these kinds of services could redefine how money moves between fiat currencies.
MoneyGram’s CEO, Alex Holmes, emphasized the potential of this wallet to address the challenges faced by cross-border payments. Slow processing times and high fees are two of the biggest roadblocks to contend with. Amid these challenges, the real-time settlement capabilities of crypto present a viable solution.
Users can deposit cash and hold it in USDC, thereby hedging against exchange rate fluctuations and inflation before deciding when to transfer it into a different currency. This feature addresses the limitations of global banking, where users cannot hold funds between transfers.
The wallet, while adhering to 'know-your-customer' requirements, will only be compatible with other MoneyGram wallets, a move aimed at shielding the company from regulatory scrutiny.
In countries like Argentina and Venezuela, where inflation rates are high, dollar-backed digital assets provide a means of hedging against inflation. Remittance flows into Latin America and the Caribbean reached $145 billion in 2022. This highlights the massive potential of these technologies for cross-border remittances.
By launching its non-custodial wallet powered by Stellar blockchain, MoneyGram aims to revolutionize cross-border payments by offering real-time settlement capabilities and hedging against exchange rate fluctuations.
Disclaimer: This article was initially compiled by an advanced AI and verified by a human editor for accurate, timely, and unbiased reporting.
Last updated 9/27/2023, 7:18:37 PM
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