Major organisations have been exploring for methods to integrate cryptocurrency into their operations in recent years. Since many organisations are eager to reap the advantages of blockchain without taking on any of the accompanying risks, we’ve seen a large number of them begin testing the water.
MoneyGram is the latest corporation to get on board with this new trend in financial technology. People may soon be able to transmit and exchange stablecoins via a new service provided by MoneyGram International and the Stellar (XLM) blockchain, according to a Bloomberg story.
For crypto aficionados who wish to diversify their assets beyond cryptocurrency and for those who want to abandon the old financial system completely, this is welcome news.
The CEO of MoneyGram, Alex Holmes, recently told Bloomberg media that stablecoins are starting to take off as a substantial means of trade.
The following is what Holmes had to say: Today, the crypto and fiat worlds aren’t truly compatible with one other. As a bridge between the crypto and fiat worlds, we’re attempting to do our best.
MoneyGram and the Stellar blockchain are collaborating to allow users to convert their digital wallet balances into Circle Internet Financial’s stablecoin through MoneyGram’s platform. Cashing out later using Money Gram’s system will be possible.
Is Stablecoins Secure Enough to Use?
Stablecoins have received a lot of attention recently. Fiat currency pegged crypto-assets are those that are intended to remain such. Decentralized stablecoin Terra (UST) just lost its peg to the dollar, putting a strain on its stability. In the crypto world, there was a lot of confusion after this happened.
When crypto-assets sought to retain their peg with fiat currencies, MoneyGram revealed the idea. Although the future of cryptocurrencies has been questionable for some time, Holmes remains optimistic about them.
Despite recent selloffs and volatility, cryptocurrency “is clearly here to stay and it will be here for a long time.” Bringing it into the mainstream is essential, in my opinion.
Holmes announced the move as a part of this year’s growth plans, which were first unveiled back in February.
During the next several years, we’ll also be doing a lot more in digital assets and crypto and blockchain. There are some who like it, and others who don’t.
For cross-border payments and foreign currency settlements, MoneyGram struck a collaboration with Ripple in 2019. However, the money transfer provider stopped its collaboration with Ripple when the US Securities and Exchange Commission (SEC) filed a lawsuit against it.
Also Read: Terra 2.0’S New LUNA Has Lost 70% Of Its Value After Relaunching
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