Yesterday Moneygram announced plans to use the Stellar blockchain to enable its customers to make payments with the USDC stablecoin or settle incoming money as USDC. It also enables near-real time settlement of Moneygram payments.
The solution will start to go live this year, with an international roll out in 2022.
Moneygram isn’t a newcomer to blockchain. In 2019, it signed a deal with Ripple that involved Ripple investing $50 million in the company. Additionally, Moneygram adopted Ripple’s On Demand Liquidity (ODL) solution for foreign exchange that uses the XRP cryptocurrency as an intermediate coin.
However, when the SEC sued Ripple alleging that the XRP cryptocurrency is a security, Moneygram eventually suspended the arrangement in February 2021. A few weeks later, Ripple announced the arrangement had ended by mutual agreement. According to Ripple, Moneygram had processed billions in transfers using its solution.
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