MoneyGram, a cross-border transfer service, officially brought about its stablecoin-powered payment channel on Friday. This would give the users of this platform the chance to send USDC payments throughout the world that can then be withdrawn as cash by the recipients.
The service has been rolled out throughout quite a few key remittance markets, which include the United States, Canada, Kenya, and the Philippines- as announced by Circle. The global cash-out functionality will soon be made available to the public. To encourage the adoption of this cryptocurrency, the USDC transfer service will also be carrying absolutely zero fees for the first year.
MoneyGram’s Service Could Put USDC On The World Map
As reported by Cointelegraph, the new transfer service built by MoneyGram on the Stellar blockchain will allow the users of the Stellar wallet in sending USDC to the recipients throughout the world. The service has been intended to bridge the gap between physical cash currency and digital assets, along with demonstrating the utility of crypto payments.
Denelle Dixon, the CEO of the Stellar Development Foundation, went on to state that the new transfer channel of MoneyGram will definitely help the unbanked population of the world access the digital economy for the very first time. While the estimates do seem to vary, the World Bank has posted that close to 1.7 billion adults are currently unbanked- which means that they currently lack access to an account at a financial institution.
In related news, Circle- the partner of MoneyGram- did announce that it had a definitive agreement in place to acquire CYBAVO, the crypto infrastructure platform, which it thinks will definitely pave the way for the adoption of the USDC.