By Shelly Melancon (Switzerland)
The recent collaboration between the two corporate giants is yielding its first milestone with the trial of a live cash-in-cash-out project. Through this project, users can use any Moneygram center to fund their digital wallets.
The Key Accomplishment
Two months ago, Moneygram and Stellar disclosed that the two firms are collaborating to integrate their services for their users. This integration allows users to receive and make payouts and fund other wallets using Stellar’s stablecoin. More importantly, the transactions are completed in real-time.
This trial is the first output of the collaboration between the two companies. Likewise, users can change their Stellar stablecoin to fiat through Moneygram, provided Moneygram supports such fiat currency.
A Revolution In The Financial Settlement Space
Moneygram continues to evolve as new finance-based products and services are introduced into the market to meet consumers’ growing needs. So far, Moneygram’s international payment system is the only money transfer firm utilizing blockchain technology. The forex giants remain at the forefront of blockchain tech integration in their services by partnering with P2P firms that can help them improve their services.
The Moneygram-Stellar integration enables users of either platform to convert fiat to USDC and vice-versa from their dashboards without involving any third party. Also, the use of USDC makes it possible for Moneygram to perform instant settlement transactions. Thus, there would be fewer risks involved but better efficiency.
Despite the rising adoption and utilization of virtual assets, most world markets would still be run with cash. Many people in the local regions of the world don’t own bank accounts or perform more bankless transactions than transactions involving banks. The Moneygram-Stellar integration enables the former’s users to explore the crypto space with ease. This new project will enable Moneygram users to explore the crypto space easily. The companies also announced that they would roll out more collaborative projects soon.
USDC Issuer Establishes Regional Office In Singapore
Top USDC issuer, Circle, has announced plans to have a regional head office in Singapore. Also, Circle intends to issue a Yen-supported stablecoin, which will be done under its subsidiary – the Circle ventures. A Bloomberg report states that Circle wants to make its presence felt in the Asian content as it expects a sharp rise in the number of stablecoin users in that region soon.
Circle boss, Jeremy Allaire, opined that several USDC-related opportunities in Asia would cause a stronger development of the stablecoin industry in that region. Allaire further stated that Circle aims to be the first Singapore-licensed stablecoin issuer. Thus, Singapore merchants can support USDC payments for their transactions.
The remarkable growth of the stablecoin industry has seen its market cap rise to billions of dollars. The stablecoin space has been growing in leaps and bounds the same way the broader crypto market has grown in astronomical proportions. Hence, the Circle boss hopes that there will be increased use cases for stablecoins in a few years to come, especially in the DeFi and traditional payment settlement space.
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