MoneyGram Launches USDC Transfer Service In Several Nations

MoneyGram, the cross-border money transfer service recently launched its stablecoin-powered payment channel, offering users the ability to send USDC payments globally that can be withdrawn as cash by recipients.

The service is being rolled out across a couple of key remittance markets. These include the United States, Canada, Kenya and the Philippines, Circle and MoneyGram. Notably, the global cash-out functionality will be available by the end of June. To uplift espousal, the USDC transfer service will carry no fees for the 1st twelve months.

It is to be noted that MoneyGram’s new transfer service was put up on the Stellar blockchain and enables Stellar wallet users to send USDC to recipients around the globe. The service is aimed at bridging the gap between virtual currencies and physical cash currency, as well as show the utility of virtual asset payments.

Denelle Dixon, the chief executive officer of Stellar Development Foundation mentioned the new transfer channel will assist the world’s unbanked population access the digital economy for the first time.

In associated news, Circle declared recently that it had a definitive agreement to acquire digital asset infrastructure platform CYBAVO, which it considers will further pave the way for USDC espousal.

Notably, Circle’s USDC is the 2nd largest stablecoin by market cap and maintains a one-for-one dollar peg backed by cash and short-dated United States Treasuries.