Money transfer service has partnered with Stellar Development Foundation and will use blockchain for instant settlements in USDC
The MoneyGram international money transfer service will allow customers to seamlessly convert USDC to cash and vice versa. The company announced a partnership agreement with the Stellar Development Foundation (the issuer of the Stellar token) and plans to use the blockchain for instant settlements.
United Texas Bank will be the settlement bank between Circle (issuer of USDC) and MoneyGram. The international transfer service plans to launch a new service in selected regions by the end of this year. The service will be rolled out to all clients of the company in 2022.
After the publication of the MoneyGram press release, the Stellar token has risen in price by 20%. Its price reached $ 0.36, and its capitalization rose to $ 8.5 billion, according to CoinGecko. Stellar has dropped in price by 16% over the month.
Stellar is a decentralized blockchain platform for real-time cryptocurrency transactions. The platform uses the XLM token as an internal token.