MoneyGram will enable stablecoin trading

One of the largest money transfer services in the world – MoneyGram – plans to allow users to send stablecoins and convert them into fiat currencies. The company will work with the Stellar blockchain in this step.

Additionally, CEO Alex Holmes shared his bullish outlook on the cryptocurrency industry, predicting that “despite recent sales and volatility, he will be here and there for the long term.”

MoneyGram allows interaction with stablecoins

In a recent interview with Bloomberg News, Holmes argued that cryptocurrencies and fiat currencies are not really compatible today. So, one of MoneyGram’s goals is to build a bridge between them.

While the company already offers bitcoin services to clients, it is now also looking for stablecoins. Through a partnership with the Stellar blockchain, it is preparing to enable users to make USDC transfers. Customers can also pay for these assets through the MoneyGram network.

The IT executive at Circle (the company that issued USDC) has addressed concerns about the recent collapse of algorithmic stablecoin Terra, UST, one of the big events in the crypto world this month. The asset has lost its peg and is currently trading around $0.03. Dante Disparte guarantees that no decoupling will occur, as stablecoins are fully covered by safe liquid assets:

“Only reserve cash and U.S. government bonds.

Cryptocurrencies are here to stay

CEO MoneyGram also mentioned the continued decline in the cryptocurrency market. Despite the recent “sell-off and volatility,” he is optimistic about its future, predicting that it will remain a key element of the financial network for a long time to come.

“I think it’s important to take it and bring it into the mainstream,” he said.

Additionally, Holmes spoke about El Salvador’s pioneering move to make Bitcoin legal tender. MoneyGram wants to speed up adoption in the country and is currently in talks with the authorities, he said:

“If a country like El Salvador is going to ensure that BTC coexists smoothly with the US dollar in that country, I think consumers should be able to transfer BTC to El Salvador or transfer US dollars and convert it to Bitcoin through MoneyGram. If the world is moving in that direction Development, let’s join the world and see how we can help realize this opportunity.”

Source of information: Compiled from CRYPTOSVET.CZ by 0x information.The copyright belongs to the author Roman Blecha and may not be reproduced without permission

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