MoneyGram Partners with Stellar for Crypto Conversion Program

October 07, 2021

P2P payment company MoneyGram recently announced the formation of a new partnership with non profit organization, Stellar Development Foundation. As part of this business relationship, MoneyGram and Stellar will offer consumers the ability to convert Circle’s popular USD stable coin (USDC) into fiat currency.

The exponential rise in crypto popularity has put new pressure on industry leaders to provide practical, physical resources for managing digital currencies. Consumers have now moved beyond online investments, and are anxious to utilize their assets in the real world. To support this growing economic shift, MoneyGram will now offer integrated support to allow Stellar Network users to convert Circle’s USDC into local physical currency for more flexible access to funds.

"At MoneyGram, one of our top strategic priorities is to pioneer cross-border payment innovation and blockchain-enabled settlement, and we're thrilled to now work with the Stellar Development Foundation to further our efforts," said Alex Holmes, MoneyGram Chairman and CEO. "As crypto and digital currencies rise in prominence, we're especially optimistic about the potential of stablecoins as a method to streamline cross-border payments. Given our expertise in global payments, blockchain, and compliance, we are extremely well-positioned to continue to be the leader in building bridges to connect digital currencies with local fiat currencies."

This business endeavor is expected to officially launch in 2021, with international activity scheduled for 2022. Both MoneyGram and Stellar will be consulting with Circle representatives for development support. United Texas Bank has also agreed to act as a “settlement bank” between MoneyGram and Circle.

"This partnership is a shining example of how blockchain technology and stablecoins bring new opportunities to global customers and enhance the existing financial system," said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. "Thanks to the reach of MoneyGram's services and the speed and low cost of transactions on Stellar, a new segment of cash users will be able to convert their cash into and out of USDC, giving them access to fast and affordable digital asset services that may have previously been out of reach. We're pleased to team up with MoneyGram to drive toward our mission of creating more equitable financial access."

Edited by Maurice Nagle

Share this Page


Social media is impacting the value of your cryptocurrency. This cross-platform audit will show how to improve consumer and influencer sentiment.