One of the largest money-transfer services in the US is attempting to broaden the adoption of digital currencies.
MoneyGram International Inc. is preparing to launch a service in partnership with the Stellar blockchain that would allow users to send stablecoins and easily convert them to hard currency.
“The world of crypto and the world of fiat are not really compatible today,” MoneyGram Chief Executive Officer Alex Holmes said in an interview with Bloomberg News. “We’re trying to be a bridge from the crypto world to the fiat world.”
The move arrives as remittances become more popular in emerging markets, but also as stablecoins -- digital assets meant to maintain a 1-to-1 relationship with a commodity or currency like the US dollar -- come under heightened scrutiny. Once the service fully launches, users with digital wallets on the Stellar blockchain will be able to convert their holdings into Circle Internet Financial’s USDC stablecoin, which can then be cashed out through...
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