STELLAR USDC MONEYGRAM

Imagine a world where converting cash into digital currency is as simple as visiting your local store. Learn about how MoneyGram joins forces with Stellar Development Foundation to enable fast and secure digital payments using USDC on the stellar blockchain. MoneyGram's network, integrated with the Stellar blockchain will enable cash funding and payout in local currency for consumers.Thanks to a groundbreaking partnership between MoneyGram and the Stellar Development Foundation, this vision is now a reality.This collaboration brings the power of Stellar USDC, a stablecoin pegged to the US dollar, to MoneyGram's extensive global network.This means users can now easily cash in and cash out USDC at participating MoneyGram locations, bridging the gap between the traditional financial system and the burgeoning world of cryptocurrency. DALLAS and SAN FRANCISCO Octo MoneyGram International, Inc. (NASDAQ: MGI), the global leader in the evolution of digital P2P payments, today announced a partnership with the Stellar Development Foundation, a non-profit organization that supports the development and growth of Stellar, an open-source public blockchain that allows money to be tokenized and transferred anywhereThis exciting development is particularly beneficial for those without bank accounts, providing them with a convenient and accessible way to participate in the digital economy.But what exactly does this partnership entail? MoneyGram Ramps is a MoneyGram product that enables users of third-party applications, such as crypto wallets and exchanges, to cash-in (deposit) and cash-out (withdrawal) USDC on Stellar. For wallets not on the Stellar blockchain, MoneyGram Ramps can still be used for Cash In and Cash out using a blockchain bridging provider.How does it work in practice?And what are the benefits of using Stellar USDC through MoneyGram?Let's delve into the details and explore this innovative solution for transferring funds across borders and embracing the future of finance.

Unlocking Financial Access: MoneyGram Ramps and Stellar USDC

MoneyGram Ramps is the key product enabling this seamless integration. In withdrawal (or cash out) transactions, applications must send USDC to the Stellar account MoneyGram specifies. In deposit (cash in) transactions, applications must monitor their Stellar account for a payment from MoneyGram. In each case, the transaction submitted to Stellar must have a memo attached to it.It empowers third-party applications, such as crypto wallets and exchanges built on the Stellar blockchain, to offer cash-in and cash-out services for USDC. In partnership with Stellar and select digital app, wallet, and exchange partners, users can now add and withdraw USDC in cash at participating MoneyGram locations! It s as easy as : Cash in Cash outThink of it as a bridge, connecting your digital wallet to the physical world through MoneyGram's vast network of locations.

How MoneyGram Ramps Works

The process is straightforward and designed for ease of use.Whether you're depositing cash to buy USDC or withdrawing cash from your USDC holdings, MoneyGram Ramps simplifies the transaction.

• Cash In (Deposit): You visit a participating MoneyGram location and deposit cash. In early October, MoneyGram announced a partnership with the Stellar Development Foundation to integrate the Stellar blockchain into MoneyGram's network and enable cash funding and payout in local currency with Stellar USDC, complete with near-instant backend settlement capabilities.The MoneyGram agent then facilitates the purchase of Stellar USDC, which is deposited into your designated wallet address.
• Cash Out (Withdrawal): You initiate a withdrawal request from your wallet.Your wallet sends USDC to a specified MoneyGram account on the Stellar blockchain, and you receive the equivalent amount in local currency at the MoneyGram location.

For wallets not natively on the Stellar blockchain, MoneyGram Ramps utilizes blockchain bridging providers to facilitate the cash-in and cash-out processes. MoneyGram Ramps is a MoneyGram product that enables users of third-party applications, such as crypto wallets and exchanges, to cash-in (deposit) and cash-out (withdrawal) USDC on Stellar.This ensures that a wider range of users can benefit from the service, regardless of their preferred wallet or exchange platform.

The Power of Stellar USDC: A Stable and Efficient Digital Dollar

USDC, or USD Coin, is a stablecoin that's pegged 1:1 to the US dollar.This means that each USDC is backed by a dollar held in reserve, providing stability and predictability for users.The Stellar network, on the other hand, is a fast, low-cost blockchain optimized for payments. Cross-border transfer service MoneyGram officially launched its stablecoin-powered payment channel on Friday, giving users the ability to send USD Coin (USDC) payments worldwide that can beWhen combined, Stellar USDC offers a compelling solution for international money transfers and digital transactions.

Key Benefits of Stellar USDC

• Stability: As a stablecoin, USDC mitigates the price volatility often associated with other cryptocurrencies.
• Speed and Efficiency: The Stellar blockchain enables near-instant transactions with minimal fees.
• Accessibility: With MoneyGram's global network, accessing and using Stellar USDC becomes significantly easier, especially for those without traditional banking services.
• Transparency: USDC's reserves are regularly audited, ensuring transparency and trust in its backing.

Bridging the Gap: Reaching the Unbanked and Underbanked

One of the most significant impacts of the Stellar USDC and MoneyGram partnership is its potential to empower the unbanked and underbanked populations. The news that MoneyGram International will enable USDC-denominated remittances on the Stellar blockchain marks a breakthrough moment for the use of digital currencies in cross-border payments.Millions of people around the world lack access to traditional banking services, making it difficult to participate in the modern economy.By providing a simple and accessible way to convert cash into digital currency, this partnership opens up new opportunities for financial inclusion.

Empowering Financial Inclusion

Imagine a migrant worker who regularly sends money back home to their family. By leveraging the Stellar network, MoneyGram Ramps provides cash-to-crypto on and off-ramps at any of their participating locations. With MoneyGram Ramps and USDC, a fully-reserved digital dollar stablecoin backed by cash, repo, and short-dated US Treasuries, people can use their money in ways they couldn t before.Traditional remittance services can be expensive and time-consuming. Turn cash into USDC and back. Try What are Stellar Wallets? MoneyGram Payment Systems, Inc. is registered as a Money Services Business under FinCENWith Stellar USDC and MoneyGram, they can now send money quickly and affordably, directly to their family's digital wallet, who can then cash out the funds at a local MoneyGram location.This eliminates the need for intermediaries, reduces fees, and speeds up the transfer process.

Furthermore, this partnership can also benefit small businesses in developing countries.They can now accept digital payments from customers around the world, expanding their reach and increasing their revenue. Stellar USDC provides a stable and reliable medium of exchange, allowing them to transact with confidence.

Integrating Stellar USDC with Your Application: A Developer's Perspective

For developers looking to integrate Stellar USDC and MoneyGram Ramps into their applications, the process is relatively straightforward.MoneyGram provides a single integration point that allows your users to deposit or withdraw cash from their digital wallets via Stellar USDC without needing a bank account.Here's a glimpse into the technical aspects:

How to Integrate MoneyGram Ramps

1. Partner with MoneyGram: Establish a partnership with MoneyGram to access their Ramps API.
2. Implement the API: Integrate the API into your application to enable cash-in and cash-out functionalities.
3. User Experience: Design a user-friendly interface that guides users through the process of depositing or withdrawing cash.
4. Security: Implement robust security measures to protect user funds and data.

Remember that for withdrawal (or cash out) transactions, applications must send USDC to the Stellar account MoneyGram specifies. Powered by the Stellar blockchain and Stellar-enabled digital wallets, MoneyGram s retail agent network, and Circle s USD Coin (USDC), a fully-reserved dollar digital currency, the service provides cash users access to the world of cryptocurrency via any participating MoneyGram location. This service is a monumental step towards bridgingIn deposit (cash in) transactions, applications must monitor their Stellar account for a payment from MoneyGram.In each case, the transaction submitted to Stellar must have a memo attached to it, acting as an identifier for the transaction.

Real-World Examples and Use Cases

To further illustrate the potential of Stellar USDC and MoneyGram, let's consider some real-world examples and use cases:

• International Remittances: As mentioned earlier, this is a primary use case.Individuals can send money across borders quickly and affordably, bypassing traditional remittance services.
• E-commerce: Businesses can accept USDC payments from customers worldwide, expanding their market reach.
• Microfinance: Providing small loans to individuals and businesses in developing countries, empowering them to improve their livelihoods.
• Charitable Donations: Facilitating transparent and efficient donations to charitable organizations around the world.

These are just a few examples of the many ways that Stellar USDC and MoneyGram can be used to improve financial access and empower individuals and businesses around the world.

Addressing Common Concerns and FAQs

As with any new technology, there are often questions and concerns about its security, reliability, and usability. USDC and EURC on Stellar leverage the efficiency and reach of the Stellar network to power innovative financial services for your institution. With the help of trusted partners, you can enable low-cost, near instant payments with finality and access new users and businesses using USDC and EURC on Stellar s payment rails.Let's address some common FAQs related to Stellar USDC and MoneyGram:

Is Stellar USDC safe?

Yes, Stellar USDC is considered safe due to its backing by US dollar reserves and the security features of the Stellar blockchain. Your application can now plug into MoneyGram s global retail network with one integration, letting your users deposit or withdraw cash from their digital wallets via Stellar USDC without needing a bank account.However, it's always important to practice safe crypto practices, such as using a secure wallet and being aware of phishing scams.

What are the fees associated with using MoneyGram Ramps?

The fees associated with using MoneyGram Ramps can vary depending on the location and the amount being transacted.It's always advisable to check the fees before initiating a transaction.

How do I find a participating MoneyGram location?

MoneyGram provides a location finder on their website, which allows you to search for participating locations near you.

What are Stellar Wallets?

Stellar wallets are digital wallets designed to hold and manage Stellar-based assets, including Stellar USDC.They come in various forms, including mobile apps, desktop applications, and hardware wallets, each offering different levels of security and convenience.

What if I don't have a bank account?

That's the beauty of this partnership!You don't need a bank account to use Stellar USDC with MoneyGram.Simply visit a participating MoneyGram location to cash in or cash out your funds.

The Future of Finance: Stellar USDC and MoneyGram Leading the Way

The partnership between Stellar Development Foundation and MoneyGram is more than just a technological advancement; it's a step towards a more inclusive and accessible financial system.By leveraging the power of blockchain technology and stablecoins, they are empowering individuals and businesses around the world to participate in the digital economy. Stellar USDC and MoneyGram are paving the way for a future where financial services are accessible to everyone, regardless of their location or socioeconomic status.

Conclusion: Embracing the Digital Frontier with Stellar USDC and MoneyGram

In conclusion, the integration of Stellar USDC into MoneyGram's global network represents a significant leap forward in bridging the gap between the traditional financial world and the digital currency landscape.This collaboration offers a practical and accessible solution for converting cash into cryptocurrency and vice versa, particularly benefiting those who are unbanked or underbanked.The stability of USDC, combined with the speed and efficiency of the Stellar blockchain, makes this a compelling option for international remittances, e-commerce, and various other financial applications.By understanding the mechanics of MoneyGram Ramps, the benefits of Stellar USDC, and the potential use cases, you can harness the power of this innovative solution to unlock new opportunities and participate in the future of finance.As the digital economy continues to evolve, partnerships like this will play a crucial role in shaping a more inclusive and accessible financial world.Consider exploring Stellar wallets and MoneyGram locations near you to experience the seamless conversion between cash and crypto firsthand.This is not just about technology; it's about empowering individuals and fostering a more connected global economy, one Stellar USDC transaction at a time.