MoneyGram and the Stellar Development Foundation launched a global cash-to-crypto on/off-ramp service powered by Stellar and USDC, enabling users to convert between cash and digital assets at MoneyGram locations in Canada, Kenya, Philippines, and the U.S., with zero fees for the first 12 months.
MoneyGram and the Stellar Development Foundation announced the rollout of a first-of-its-kind global on/off-ramp service for digital wallets, powered by Stellar blockchain and Circle's USDC stablecoin. The service launched in Canada, Kenya, Philippines, and the U.S., with global cash-out functionality expected by end of June 2022. Users can now move seamlessly between cash and cryptocurrency without requiring a bank account or credit card, accessing the service through participating MoneyGram retail locations. The partnership enables near-real-time settlement using USDC, improving efficiencies and reducing risks. Initial wallets supporting the service include Vesseo and LOBSTR, with more expected to integrate. MoneyGram is offering the service fee-free for the first 12 months and plans to expand to seven additional countries by June 2022.
