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Moneygram Launches USDC Crypto-to-Cash Program in Certain Markets

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Moneygram, a money transfer and payments company based in the US, has announced the integration of USDC, a dollar-pegged stablecoin, as a settlement asset for its cash-to-crypto and crypto-to-cash exchange program. The company will initially allow users to exchange US dollars for cash and vice versa in certain markets, including Canada, Kenya, the Philippines and the US, and is expected to roll it out to the rest of the world later.

Moneygram Implements USDC Growth Program

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Traditional money transfer companies are now trying to include cryptocurrencies in their operations and are offering more crypto-related services. Moneygram, a money transfer and payments company, recently announced that it will begin allowing its users to enable USDC, a dollar-pegged stablecoin, as part of its cryptocurrency shutdown and increase program. The company will use the Stellar network as a settlement layer to make the necessary USD transactions to run the program.

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The program has established that customers who need to exchange USDC for fiat currencies, or who sell and want to purchase cryptocurrencies with their fiat currencies, will be able to use the Moneygram app to arrange the exchange, and they will be able to go to any of the company’s offices in Canada, Kenya, the Philippines and USA to complete the operation.

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Financial accessibility

For Moneygram, the move aims to bring financial inclusion to people who are still underbanked and underserved in some markets that make it difficult for their citizens to open bank accounts. Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, said one of the problems this program aims to solve is:

Today, nearly 2 billion people depend on cash for their livelihood without access to the digital economy. At the same time, a constant problem for crypto users is the rapid and reliable decline of cryptocurrency. The innovative nature of this service lies in the way it solves problems for a range of users with different needs around the world.

This service is already available in some of the markets mentioned above and Moneygram has stated that it intends to roll out a global withdrawal feature by the end of this month. The program is part of a partnership that Moneygram signed with the Stellar Development Foundation last October, when the company announced that it would begin allowing customers to send US dollar money transfers.

This type of crypto alliance is not new to Moneygram, which established partnering with Ripple, another cryptocurrency and payments company, to pilot its money transfer solutions back in 2018.

What do you think of Moneygram’s new USDC-based cryptocurrency exchange program? Tell us in the comments section below.

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Credit : news.bitcoin.com

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