Using Stellar Blockchain (XLM), MoneyGram Is Ready To Open Money Transfer Service From Crypto To Fiat

JAKARTA – An international money transfer company is reportedly exploring a collaboration with Stellar Lumens (XLM) for fast remittances and conversion of stablecoins to fiat.

“The crypto industry is here to stay and will be here for a long time despite the recent sell-off and volatility,” said MoneyGram CEO Alex Holmes.

In an interview with Bloomberg, Holmes stated that fiat and crypto are “not really compatible these days,” the company aims to bridge fiat and crypto.

According to a CoinJournal report, the company is offering its clients Bitcoin services over its partnership with Stellar, this will allow its users to make deliveries of the Circle (USDC) stablecoin. Apart from that, customers can also use the MoneyGram network to cash out their holdings.

Commenting on the slump in stablecoin TerraUSD (UST), CSO Circle Dante Disparte emphasized that his party will not be like UST, which is backed by non-physical assets. He stated that the USDC stablecoin will be fully backed by safe liquid assets.

“We don't take dollars and put them in reserves and then lend them. Instead, the reserves are cash and US Treasuries,” concluded Disparte.

Even though the crypto market is falling, Holmes is optimistic about the future of crypto. He stated the adoption of crypto will bring it into the mainstream of the digital financial system.

"I think adopting it, bringing (cryptocurrency) into the mainstream is important," Holmes added.

Furthermore, Disparte supports crypto adoption by a number of countries and companies.

“If a country like El Salvador is going to make Bitcoin seamless with US dollars domestically, I think that consumers, through MoneyGram, should be able to transfer Bitcoins to El Salvador or transfer dollars and convert them into Bitcoin. If that's the world's goal, let's participate in that world, and let's see how we can help fulfill that opportunity," he said.