Despite the recent disaster with TerraUST, one of the top American providers MoneyGram decided to infiltrate stablecoins. To do this, the company signed a contract with the Stellar (XLM) blockchain.
So, the new service will be available to all users who have cryptocurrency wallets. They will be able to convert the tokens into USDC and then cash out via MoneyGram.
MoneyGram CEO Alex Holmes is confident that stablecoins will play an important role in the future of finance. We only need solutions that will allow us to introduce such technology into the classical translation system:
“The world of cryptocurrencies and fiat today are not fully compatible. We try to become a bridge between these worlds.”
Holmes added that the TerraUST fiasco did not shake his faith in digital currencies. He is convinced that the cryptocurrency “will stay here for a long time, despite the volatility and recent sell-offs.” Therefore, now it is important for MoneyGram to get into the mainstream.
The provider chose to integrate with USDC because it is one of the most reliable stablecoins. Circle is responsible for it. She recently allayed customer concerns about the USDC coin by promising to report her holdings every week.