Moneygram has officially announced the launch of its USDC-powered payment service. According to a statement by the company, users will be allowed to send and receive USDC, which can be withdrawn via crypto or cash. The cross-border payment company has been flirting with the idea in the last few months, pushing indications towards a launch. In order to actualize the smooth sailing of the launch, Moneygram also teamed up with Circle.
Moneygram will make first-year transfers free
According to the announcement by the payment service, the new service will be available in several countries that drive remittances worldwide. These countries include Canada and Philippines, and the US, among others. The official statement also mentioned that withdrawals are not presently functional as the company will enable them at the end of the month.
In order to propel a massive adoption and acceptance by the general market, Moneygram also announced that traders would not be charged for every transfer they make in the first year. As per a recent announcement some months ago, when Moneygram floated the idea, it mentioned that Stellar would house the new project. With this, users interested in using the new service might need to purchase a Stellar wallet.
Stellar plans to drive USDC adoption
According to the update given at the time, the payment company intends to use this initiative to drive a massive campaign on the connection between crypto and cash. It also wants to show the world how digital assets can be leveraged for payments, among other platforms. In a statement by a top executive at Stellar, this new update will ensure financial inclusion for a wide range of individuals that are currently less privileged to financial services.
Although statistics have been known not to be exact, a recent survey put the figure of unbanked adults around 1.7 billion. This means that the population has no financial service inclusion, which Moneygram wants to eliminate. The payment company intends to achieve this through blockchain, which could open them to other services. Also, Circle recently announced that it has been looking toward taking over CYBAVO. Circle intends to use the crypto platform further to deepen its push for the adoption of USDC. The stablecoin is presently the second in terms of market cap and is backed by the dollar.
Source: https://www.cryptopolitan.com/moneygram-float-usdc-powered-payment-service/