MoneyGram partners with Stellar to open a money transfer platform, focusing on wallet transactions in El Salvador

MoneyGram International, one of the largest cross-border money transfer services in the world, is partnering with the Stellar blockchain to create a stablecoin-based money transfer platform. The new service will allow Stellar wallet users to send Circle’s dollar coins (USD/USD) to the recipient and they will be able to cash it into fiat currency via the MoneyGram network.

“We’re trying to be the bridge from the crypto world to the fiat world,” MoneyGram CEO Alex Holmes Say in an interview.

Holmes also said that MoneyGram is in talks with third-party companies that offer digital wallets in El Salvador. Government-backed Chivo Wallet Introduced when Bitcoin was made in the country (bitcoin) last year’s fiat currency. By striking a deal with one of these companies, MoneyGram will also be able to compete for BTC transfers.

“If a country like El Salvador is going to make Bitcoin seamless domestically with the U.S. dollar, I think consumers should be able to transfer Bitcoin to El Salvador or U.S. dollar to Bitcoin through MoneyGram,” Holmes told Bloomberg. “If that’s where the world is going, let’s get involved in that world and see how we can help realize this opportunity.”

related: MoneyGram acquires 4% stake in cryptocurrency ATM operator Coinme

MoneyGram previously struck a deal with Ripple Labs, which once owned a large package its stock.Ripple and MoneyGram Severing ties in March 2021 Soon after the SEC filed a lawsuit against Ripple. MoneyGram participates in Ripple Leads to class action lawsuit against payment services March 2021.

MoneyGram and Stellar Start cooperation in October 2021 A pilot project was launched in November.reported earlier that summer circulating Stellar is interested in acquiring MoneyGram.