Company
Date Published
Author
Dante Disparte
Word count
498
Language
English
Hacker News points
None

Summary

MoneyGram International and Stellar have partnered to facilitate USDC-denominated cross-border payments, marking a significant advancement for digital currencies in global remittances. This collaboration, which includes the Stellar Development Foundation and Circle, aims to create more accessible pathways for sending and receiving money internationally by utilizing the Stellar blockchain for USDC transactions. The initiative addresses the critical role of remittances, which, prior to the COVID-19 pandemic, totaled over $700 billion annually, surpassing foreign direct investment and official development aid. The pandemic, however, reduced these remittance volumes significantly due to economic slowdowns. The partnership aligns with the UN's Sustainable Development Goals to lower remittance costs, and the adoption of USDC, an open protocol digital currency, is expected to enhance financial inclusion by bridging digital and real-world financial systems. By providing digital-to-fiat exchange points through MoneyGram's network, this effort aims to extend payment accessibility and build on the growing acceptance of digital currencies in mainstream financial transactions.