Traditional payments giant, MoneyGram, has teamed up with USDC and Stellar to provide Blockchain-based payments to its customers, the firms announced yesterday. MoneyGram was a long-term partner of Ripple which let it down after the SEC filed a lawsuit against Ripple.
The Crypto market is again in bullish mode after two months of struggle. Crypto is providing the facilities to people to make their life easy. Even fiat currency needs the help of crypto for better services to consumers. MoneyGram, the firm with 150 million consumers is seeking the help of stablecoin, USDC, and Stellar to provide Blockchain-based payments service to its consumers.
Blockchain-based payments service:
Yesterday, the firms announced that the companies will start with a pilot in the fourth quarter of the year. Ledger-based stablecoin bridge between fiat currency and crypto will be rolled out by the start of the year 2022. CEO of Stellar, Denelle Dixon, has expressed his excitement over this project by saying that we are going as big as we can. He also explained that end consumers will be able to exchange fiat with crypto and vice versa.
The long-standing partnership between Ripple and MoneyGram has been torn out after the SEC (Securities and Exchange Commission) filed a lawsuit against Ripple in December 2020 saying that they have violated the securities laws. This accord between the companies is entirely different from the Ripple, according to the CEO of the MoneyGram, Alex Holmes.
According to Holmes, working with Stellar is larger in scope because it directly touches consumer payments. And leaving aside the question of whether Ripple’s native currency XRP is a security or not in the eyes of the law, the vision the firms were working on had certain limitations. Blockchain-based payments services will help a lot of consumers to deal with the limitation of fiat currency.
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