MoneyGram CEO Alex Holmes stated that the multinational remittances behemoth aims to serve as a link between the bitcoin and fiat worlds.
MoneyGram International, one of the world’s leading cross-border transfer businesses, has teamed up with the Stellar blockchain to develop a stablecoin-based money transfer platform. Users of Stellar wallets will be able to send Circle’s USD Coin (USDC) to receivers who will be able to cash them out for fiat currency via the MoneyGram network.
“We’re trying to be a bridge from the crypto world to the fiat world,” MoneyGram CEO Alex Holmes said in an interview.
Ripple Labs, which earlier owned a major portion of MoneyGram’s equity, has a previous agreement with the company. Ripple and MoneyGram broke up in March 2021, shortly after the Securities and Exchange Commission of the United States filed a lawsuit against Ripple. In March 2021, a class-action lawsuit was filed against MoneyGram as a result of their engagement with Ripple.
MoneyGram and Stellar began collaborating in October 2021, and a trial service was launched in November. Earlier that summer, there were rumors that Stellar was interested in buying MoneyGram.
