US Dallas-based money transfer company MoneyGram announced that it has launched a crypto-to-cash service in partnership with altcoin foundation Stellar (XLM) Development Foundation (SDF).
The service is available in several major transfer markets, including the Philippines and the US, and is expected to be available in more countries by the end of the year. Users will be able to convert fiat currencies such as US dollars or euros to cryptocurrencies.
Ripple's competitor, XLM, officially partnered with MoneyGram last October to pilot instant crypto transfers with the help of Circle's USD Coin (USDC) stablecoin.
MoneyGram Collaborated With Stellar After Parting Ways With Ripple
USDC, the second largest stablecoin indexed to the dollar, went live on the Stellar network in February of 2021. MoneyGram and Stellar started working on the joint project last March. Launched in several countries after months of testing, the service is expected to increase financial inclusion in regions where banking transactions are not available.
Blockchain research firm Elliptic also announced that it has partnered with MoneyGram to provide blockchain analytics solutions to the company.
Denelle Dixon, CEO of the Stellar Development Foundation, emphasized that nearly 2 billion people have to use cash because they do not have access to the digital economy.
MoneyGram had to end its partnership with blockchain company Ripple after being sued by the US Securities and Exchange Commission (SEC). The company used Ripple's On-Demand Liquidity (ODL) solutions for currency trading.
According to data from CoinGecko, altcoin Stellar (XLM) was priced at $0.124 at the time of writing, while XLM's 24-hour trading volume was recorded as $147,473,177. Stellar (XLM) price in a downtrend is down -8.3% in the last 24 hours. There is a circulating supply of 25 Billion Stellar (XLM), with a total supply of 50 Billion Stellar (XLM). Coinbase Exchange is currently the most active market for Stellar (XLM) trading.