MoneyGram USDC transfer services have already been launched in multiple countries across the world as we can see more today in our latest altcoin news.
The MoneyGram payment service was powered by the Stellar Blockchain and will now enable USDC settlements in near-real-time. Cross-border transfer service MoneyGram launched its stablecoin-powered payment channel giving the users the ability to send USD Coin payments across the world which can be withdrawn as cash. The service is rolled out across a few remittance markets like Canada, Kenya, The Philippines, the UK, and more. MoneyGram announced the global cash-out functionality will be available by the end of June and to encourage its adoption, the USDC transfer service will bring zero fees for the first year.
The MoneyGram USDC transfer services launched in a few countries already and the service was built on the Stellar blockchain which allows the wallet users to send USDC to recipients across the world. The service is intended to bridge the gap between digital assets and physical cash as well as to show the utility of crypto payments. Stellar Development Foundation CEO Denelle Dixon also added that the new transfer channel will help the world’s unbanked population to gain access to the digital economy. The estimates show there are 1.7 billion adults unbanked in the world which means they lack access to a financial institution.
Whether via decentralized finance, central bank digital currencies or crypto services, and blockchain technology, this problem can be solved.
As recently reported, The Crypto cash services are aimed to provide people with access to digital assets and to improve the customers’ experience in sending and receiving remittances. In order to achieve the objective, the service will be supported by the USDC coin. The partners expect users to be able to use crypto for new use cases and remove friction from the process of exchanging fiat for crypto and also increase financial inclusion while reducing costs from the process of sending cross-border transactions. This process will be settled with low costs and high accessibility, in other words, the users will be able to send US dollars and USDC via MoneyGram and other users will receive it in real-time.
Moneygram CEO Alex Holmes shared the development and he said that the crypto and fiat worlds are now incompatible so to help address this issue, the company will look to introduce a solution that will connect both worlds. Despite the recent market crash, Holmes said the industry is here to stay.
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