There are some more great news for crypto enthusiast coming every day. One of these news is that MoneyGram, an international finance-oriented company from Texas, is going to partner up with the Stellar foundation which is responsible for XLM. In this article we will take a look at this headline. Like always, this article is not financial advice and only for entertainment purposes.
MoneyGram’s partnership with the Stellar foundation
Last week MoneyGram announced their partnership with the Stellar Foundation that brings USDC on Stellar. On the backend this partnership this means that payments will be settled instantly with the help of the United Texas Bank. On the front end this partnership means that people will be able to convert cash to USDC and vise versa at all MoneyGram’s locations regardless of the fiat currency being converted. This partnership will go live by the end of the year and there are also plans to roll this out internationally in the period of the next year.
Furthermore, earlier this year MoneyGram already announced that people are able to buy Bitcoin at their physical locations in the United States. This was also around the time when Stellar was looking to buy MoneyGram with the help of a private equity firm.
With this being said, Ripple used to hold a significant stake of MoneyGram and on the other side MoneyGram used Ripple net. Although now, MoneyGram claims that it never used Ripple in their retail operations. What is very interesting about it is that Stellar was founded by the Co-Founder of Ripple. Due to this fact Ripple and Stellar share some significant similarities. The fact that Stellar now seems to be succeeding where Ripple failed suggests that XLM could be on its way to overtake XRP as the preferred payment oriented crypto currency. This could be a real possibility since MoneyGram is actually using the Stellar blockchain to move USDC around. This could increase demand in XLM which would pump the price.
Conclusion
Now these are some amazing news if you ask me. More and more institutional entities are betting on the crypto horse and all of these partnerships are just the beginning. If somebody will say that crypto is not on the jump to the mainstream usage, then I don’t know what else they need to see. With the recent inflation news this news can bring some light to the end of the investment tunnel.
Published by ga38jem on
Publish0x|LeoFinance|Steemit|read.cash
On 14th October 2021
https://cointelegraph.com/news/moneygram-launches-usdc-settlement-using-the-stellar-blockchain