Moneygram, a US-based remittance and payments company, has announced the integration of USDC, a dollar-pegged stablecoin, as a settlement asset for its cash-to-crypto and crypto-to-cash program. The company will initially allow users to exchange USDC for cash and vice versa in certain markets including Canada, Kenya, the Philippines and the United States, with expectations of later expanding it globally.

Moneygram implements USDC ramp program

Traditional remittance companies are now looking to incorporate crypto into their operations and offer more crypto-related services. Moneygram, a remittance and payments company, recently announced that it would allow its users to include USDC, a dollar-pegged stablecoin, as part of its crypto off-and-on ramping program. The Company will use the Stellar network as a settlement layer to complete the necessary USDC transactions to operate the program.

The program stipulated that customers who need to exchange USDC for fiat currencies or who wish to sell and purchase crypto with their fiat currencies can use the Moneygram app to arrange an exchange and they can go to any of the offices of the company in Canada, Kenya, the Philippines and the United States to complete the operation.

Financial Inclusion

For Moneygram, the move is about enabling financial inclusion for people who are still underserved in some markets where citizens are finding it difficult to open bank accounts. One of the problems this program is trying to solve was explained by Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation:

Today, almost 2 billion people depend on cash for their livelihood, without access to the digital economy. At the same time, fast and reliable cryptocurrency off-ramping is a persistent pain point for crypto-native users. The groundbreaking nature of this service is how it solves problems for a range of users with different requirements across the globe.

The service is already available in the select markets above, and Moneygram said it is targeting a global payout feature by the end of this month. This program is part of the partnership Moneygram formed with the Stellar Development Foundation last October, when the company announced it would allow customers to send USDC-denominated remittances.

This type of crypto alliance is not new to Moneygram, which partnered with Ripple, another cryptocurrency and payments company, back in 2018 to test use of its remittance solutions.

What do you think of Moneygram’s new USDC-based crypto-to-cash program? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price surge took place in December 2017. He has a computer engineer background, lives in Venezuela and is socially affected by the cryptocurrency boom. He offers a different take on crypto success and how it’s helping those who are unbanked and underserved.

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