MoneyGram and the Stellar Development Foundation launched a global on/off-ramp service enabling users to convert between cash and cryptocurrencies at MoneyGram locations. The service, powered by Stellar and USDC, is now available in Canada, Kenya, Philippines, and the U.S., with global cash-out functionality expected by June 2022.
MoneyGram and the Stellar Development Foundation announced the rollout of a first-of-its-kind global on/off-ramp service bridging cash and cryptocurrencies. Available initially in Canada, Kenya, Philippines, and the U.S., the service leverages Stellar blockchain, USDC stablecoins, and MoneyGram's retail agent network to enable users without bank accounts to access the digital economy. Settlement occurs in near-real-time using USDC, improving efficiency and reducing risks. Digital wallet users of Vibrant and LOBSTR can load wallets or cash out holdings at participating MoneyGram locations. The service is zero-fee for the first 12 months, with expansion to seven additional countries and global cash-out functionality expected by end of June 2022.