MoneyGram Announces Innovative Partnership with the Stellar Development Foundation to Utilize Blockchain Technology

The partnership enables digital wallets connected to the Stellar network to access MoneyGram’s global retail platform and provides consumers with a bridge between digital assets and local currencies

Published: October 6, 2021 at 3:30 p.m. CDT|Updated: 12 hours ago

DALLAS and SAN FRANCISCO, October 6, 2021 / PRNewswire / – MoneyGram International, Inc. (NASDAQ: MGI), the world’s leading provider of P2P digital payments, today announced a partnership with the Stellar Development Foundation, a nonprofit that drives the development and growth of Stellar. supports, an open source public blockchain that allows money to be tokenized and transferred anywhere in the world. MoneyGram’s network, integrated with the Stellar blockchain and backed by Circles USD Coin (USDC), will enable cash funding and local currency withdrawals for consumers using USDC, as well as near-instant backend processing capabilities.

MoneyGram announces innovative partnership with Stellar Development Foundation to leverage blockchain technology

For consumers, the partnership offers the ability to seamlessly convert USDC to cash or cash to USDC. This increases the utility and liquidity of digital assets while allowing more consumers to participate in the digital economy. The impact of this partnership is expected to increase as more wallets and companies join the Stellar network.

This partnership also revolutionizes the settlement process. For the first time, MoneyGram will settle in near real time using Circles USDC, the world’s fastest growing digital dollar currency. This allows for accelerated collection of funds, improves efficiency and reduces risk.

“At MoneyGram, one of our top strategic priorities is driving cross-border payment innovation and blockchain-enabled processing, and we are excited to be working with the Stellar Development Foundation now to advance our efforts,” said Alex Holmes, Chairman and CEO of MoneyGram. “As cryptocurrencies and digital currencies grow in importance, we are particularly optimistic about the potential of stablecoins as a method of streamlining cross-border payments. Given our expertise in global payments, blockchain and compliance, we are very well positioned to continue to lead the way in building bridges to connect digital currencies with local fiat currencies. “

MoneyGram was the first money transfer company to use blockchain technology as part of its forex trading, and has since launched several innovative partnerships that give consumers widespread access to digital currencies. MoneyGram continues to invest in digital currency-related initiatives, and this latest integration with Stellar is the latest in MoneyGram’s journey to lead the development of peer-to-peer digital payments.

“This partnership is a shining example of how blockchain technology and stablecoins are opening up new opportunities for global customers and improving the existing financial system,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. “With the reach of MoneyGram’s services and the speed and low transaction costs on Stellar, a new segment of cash users will be able to convert and withdraw their cash into USDC, giving them access to fast and affordable digital asset services, that may have been out of reach before. We are excited to be working with MoneyGram to advance our mission to create fairer access to finance. “

“The launch of this partnership speaks to the power of digital currencies like USDC to create fast, secure and seamless settlement for the digital economy,” added Jeremy allaire, Co-Founder, Chief Executive Officer and Chairman of Circle. “Together we are at the forefront of innovation, showing how we can rethink financial services that benefit global users and serve them better.”

United Texas Bank will act as the settlement bank between Circle and MoneyGram. Scott N. Beck, United Texas Bank Director, added, “We are delighted to be making a significant contribution to completing the settlement process by working on this first direct USDC-to-USD settlement within a regulatory framework.”

The partnership is scheduled to go live in selected markets in 2021, and another international rollout is planned for 2022.

About MoneyGram International, Inc.
MoneyGram is a leader in the development of digital P2P payments. With a focused strategy to mobilize money movement, a strong fintech innovation culture, and leading customer-centric skills, MoneyGram has grown to nearly 150 million people around the world in the past five years.

The company uses its modern, mobile and API-driven platform and works with the world’s leading brands to communicate with consumers through MoneyGram Online (MGO), its digital direct business, its global retail network and its emerging embedded finance business for corporate customers, MoneyGram as a Service.

For more information, please visit ir.moneygram.com and follow @MoneyGram.

About Stellar
Stellar is a decentralized, fast, scalable and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and digital asset issuance platform designed to connect the world’s financial infrastructure. Financial institutions worldwide issue assets and process payments through the Stellar network, which has grown to over 5 million accounts

Via the Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open source network that connects the world’s financial infrastructure. Established in 2014, the Foundation helps maintain Stellar’s code base, assists the technical and business community in building the network, and acts as the voice for regulators and institutions. The foundation strives to create equal access to the global financial system by using the Stellar network to unlock the world’s economic potential through blockchain technology.

About circle
Circle is a global financial technology company enabling businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications around the world. Circle is the primary operator of USD Coin (USDC), which has become the fastest growing, regulated and fully reserved digital dollar currency. USDC in circulation is greater than $ 30 billion and has supported over $ 1 trillion in on-chain transactions. Today, Circle’s transaction services, business accounts and platform APIs are leading to a new generation of financial services and commerce applications that hold the promise of increasing global economic prosperity for all through programmable e-commerce. In addition, Circle operates SeedInvest, one of the largest crowdfunding platforms in the US, which is registered as a broker-dealer. Learn more at https://circle.com

Via United Texas Bank
United Texas Bank is a full-service, FDIC-insured state member bank based in Dallas, Texas. The bank specializes in providing tailored private and commercial banking services to clients and their businesses by providing creative solutions that will help them achieve financial success. Through innovation, the bank meets our clients’ needs by integrating digital market trends into traditional banking. Learn more at http://utb.com

MoneyGram media contact
Stephen Reiff
media@moneygram.com

Stellar Development Foundation media contact
Jordan gemstone
media@stellar.org

Circle media contact
Holly Maddox
holly.maddox@circle.com

MoneyGram logo (PRNewsfoto / MoneyGram)

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