MoneyGram launched an on- and off-ramp service for digital wallets in partnership with Stellar Development Foundation, enabling users to convert between fiat and cryptocurrency without bank accounts. The service rolls out in Canada, Kenya, the Philippines, and the US using Circle's USDC stablecoin, with Vibrat and Lobstr wallet integration.
MoneyGram announced a partnership with Stellar Development Foundation to launch on- and off-ramp services at MoneyGram locations, allowing digital wallet users to convert between fiat and cryptocurrency without requiring bank accounts or credit cards. The service targets remittance-heavy markets including Canada, Kenya, the Philippines, and the US, with global cash-out functionality expected by end of June 2022. Settlement will use Circle's USDC stablecoin. Stellar-connected wallets Vibrat and Lobstr can access the service initially, with more wallets planned. The partnership addresses financial inclusion for the 2 billion people relying on cash while solving off-ramping challenges for crypto users.
