MoneyGram partners with Stellar and Circle to enable instant cross-border payments using USDC stablecoin, starting with a Q4 2021 pilot and gradual 2022 rollout to reach 150 million consumers through MoneyGram's agent network.
MoneyGram announced a partnership with the Stellar Development Foundation and Circle to build a stablecoin bridge for instant money transfers using USDC, replacing its previous relationship with Ripple. The pilot launches in Q4 2021 with gradual rollout in early 2022, leveraging MoneyGram's 150 million consumers and agent network for crypto-to-fiat and fiat-to-crypto on and off-ramps. Unlike the Ripple partnership which focused on foreign exchange trading with volatile XRP, this collaboration directly addresses consumer payments with a dollar-backed stablecoin. United Texas Bank will serve as the settlement bank, with MoneyGram CEO Alex Holmes highlighting the bank's progressive stance on cryptocurrency and Texas's supportive regulatory environment.