On Friday, cross-border transfer service MoneyGram officially launched its stablecoin-based payment channel, giving users the ability to send U.S. dollar (USDC) payments worldwide, which recipients can withdraw as cash.

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The service is rolling out to several key money transfer markets, including Canada, the US, Kenya and the Philippines, Circle and MoneyGram announced Friday. The global withdrawal feature will be available by the end of June. To encourage adoption, the USDC Transfer Service will charge no fees for the first 12 months.

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MoneyGram’s new transfer service has been built on the Stellar (XLM) blockchain and allows Stellar wallet users to send USDC to recipients around the world, Cryptooshala reports. The service is designed to bridge the gap between digital assets and physical cash, and to demonstrate the utility of cryptocurrency payments.

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Stellar Development Foundation CEO Denelle Dixon said the new remittance channel will help the world’s unbanked population access the digital economy for the first time. Although estimates vary, the World Bank He speaks that approximately 1.7 billion adults are banked, which means they do not have access to an account with a financial institution. Whether through decentralized finance, central bank digital currencies, or cryptocurrency-based transfer and settlement services, blockchain technology is positioned as a potential solution to financial isolation.

Blockchain technology offers several paths to financial inclusion for non-banks.

In related news, Krug announced A definitive agreement was reached on Friday to acquire crypto infrastructure platform CYBAVO, which he believes will further pave the way for USDC adoption.

USDC Circle is the second largest stablecoin by market capitalization and maintains a one-to-one dollar pegging backed by cash and short-term US Treasuries.