Major money transfer company MoneyGram aims to launch a new service that would enable users to transfer money overseas via stablecoins.
The initiative comes in partnership with the Stellar (XLM) blockchain, a decentralized protocol specializing in cross-border transactions, and it would enable users to convert their stablecoins to hard currency in MoneyGram agent locations, according to a recent report by Bloomberg.
“The world of crypto and the world of fiat are not really compatible today,” MoneyGram CEO Alex Holmes is quoted as saying. “We’re trying to be a bridge from the crypto world to the fiat world.”
This project comes at a time when stablecoins, cryptoassets that seek to maintain their peg with fiat currencies, have once again come under scrutiny after the infamous de-pegging of Terra (LUNA)'s decentralized stablecoin UST led to the collapse of the entire ecosystem.
The collapse of the Terra ecosystem has also sent a ripple effect across the entire industry, leading to a...
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