MoneyGram announces an innovative partnership with the Stellar Development Foundation to use Blockchain technology

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Partnership enables digital wallets connected to the Stellar network to access MoneyGram’s global retail platform, providing a bridge between digital assets and local currencies for consumers

The partnership will also revolutionize settlement flows by facilitating near-instant settlement in USDC

DALLAS and SAN FRANCISCO, Oct 6, 2021 / PRNewswire / – MoneyGram International, Inc. (NASDAQ: MGI), a world leader in the evolution of digital P2P payments, today announced a partnership with the Stellar Development Foundation, a non-organizational organization profit that supports the development and growth of Stellar, an open source public blockchain that allows you to tokenize and transfer money anywhere in the world. MoneyGram’s network, integrated with the Stellar blockchain and facilitated through Circle’s USD Coin (USDC), will enable cash financing and payment in local currency for consumers using USDC, as well as near-instant back-end settlement capabilities.

MoneyGram announces an innovative partnership with the Stellar Development Foundation to use Blockchain technology

For consumers, the partnership will provide the ability to seamlessly convert USDC into cash or cash into USDC. This increases the usefulness and liquidity of digital assets, while also allowing more consumers to participate in the digital economy. The impact of this partnership is expected to increase as more wallets and companies join the Stellar network.

This partnership also revolutionizes the settlement process. For the first time, the deal with MoneyGram will happen near real time using Circle’s USDC, the world’s fastest growing digital dollar currency. This allows for accelerated fundraising, improving efficiency and reducing risk.

“At MoneyGram, one of our top strategic priorities is to lead the way in cross-border payments innovation and blockchain-enabled regulation, and we are excited to now work with the Stellar Development Foundation to further our efforts,” said Alex Holmes, president and president of MoneyGram. CEO. “With the growing importance of cryptocurrencies and digital currencies, we are particularly optimistic about the potential of stablecoins as a method to simplify cross-border payments. Given our experience in global payments, blockchain and compliance, we are extremely well positioned to continue being the leader in building bridges to connect digital currencies with local fiat currencies. “

The story continues

MoneyGram was the first money transfer company to use blockchain technology as part of its foreign currency trading and has since launched several innovative partnerships that provide broad consumer access to digital currencies. MoneyGram continues to invest in digital currency initiatives and this latest integration with Stellar is the most recent in MoneyGram’s journey to lead the evolution of peer-to-peer digital payments.

“This partnership is a shining example of how blockchain technology and stablecoins bring new opportunities to global customers and improve 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 from USDC, giving them access to fast and efficient digital asset services. that may previously have been out of reach. We are delighted to partner with MoneyGram to further our mission of creating fairer financial access. “

“The launch of this partnership speaks to the power of digital currencies like the USDC to create quick, secure and seamless deals for the digital economy,” added Jeremy Allaire, co-founder, chief executive and president of Circle. “Together, we are at the forefront of innovation, demonstrating how we can reinvent financial services that benefit and better serve global users.”

United Texas Bank will act as the settlement bank between Circle and MoneyGram. Scott N. Beck, Director of United Texas Bank, added: “We are delighted to play a vital role in completing the settlement process by working on this unique USDC / USD direct settlement within a banking regulatory framework.”

The partnership is expected to go into effect in select markets in 2021, with a further international launch expected in 2022.

About MoneyGram International, Inc. MoneyGram is driving the evolution of digital P2P payments. With a strategy aimed at mobilizing the movement of money, a strong culture of fintech innovation and core customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people worldwide over the past five years.

The company leverages its modern, mobile, API-based platform and partners with leading global brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, its global retail network and its emerging embedded finance business for corporate clients, MoneyGram as a Service.

For more information, visit ir.moneygram.com and follow @MoneyGram.

About StellarStellar is a decentralized, fast, scalable and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for issuing digital assets, designed to connect the world’s financial infrastructure. Financial institutions around the world issue assets and settle payments on the Stellar network, which has grown to over 5 million accounts.

About Stellar Development Foundation The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open source network that connects the world’s financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s code base, supports the technical and business communities that rely on the network, and acts as a voice for regulators and institutions. The Foundation seeks to create equal access to the global financial system, using the Stellar network to unlock world economic potential through blockchain technology.

About CircleCircle is a global financial technology company that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications around the world. Circle is the leading operator of USD Coin (USDC), which has become the fastest growing, regulated and fully confidential digital dollar currency. The USDC in circulation is over $ 30 billion and has backed over $ 1 trillion in on-chain transactions. Today, Circle’s transactional services, business accounts, and platform APIs are giving birth to a new generation of financial services and business applications that deliver on the promise of increasing global economic prosperity for all through programmable internet commerce. Additionally, Circle operates SeedInvest, one of the largest equity crowdfunding platforms in the United States, which is a registered broker dealer. Find out more at https://circle.com

About United Texas Bank United Texas Bank is a full-service state member bank, insured by the FDIC, headquartered in Dallas, Texas. The bank specializes in providing personalized personal and business banking services to clients and their businesses by providing creative solutions to help them achieve financial success. Through innovation, the bank meets the needs of our customers by integrating digital market trends with traditional banking. Find out more at http://utb.com

MoneyGram Media Contact Stephen [email protected]

Stellar Development Foundation Media Contact Jordan [email protected]

Circle Media Contact Holly [email protected]

MoneyGram logo (PRNewsfoto / MoneyGram)

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SOURCE MoneyGram

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