MoneyGram Partners With Stellar for Stablecoin Remittances, El Salvador Targeted
Categories: Crypto News US
Reducing the Cost of Remittances In an attempt to drive down remittance costs, Stellar and MoneyGram seek to enable speedy low-cost transfers with a sleek user experience.Currently, most international remittances are expensive and inconvenient. MoneyGram’s partnership with Stellar aims to reduce both the costs and friction of remittances by granting Stellar wallet holders the ability to receive USDC stablecoins that can then be converted into fiat currency worldwide. MoneyGram Opts for Asset-Backed Stablecoin Notably, the companyFew would argue that the world needs cheaper and faster remittance technology. Recipients are often those who can least afford the exorbitant fees, often as high as 20 percent if one takes into account the minimum amount required to be sent.The key question, however, is whether the Stellar blockchain is the most secure and stable long-term solution. Bitcoiners would argue not, since the newly introduced Taro protocol already allows for stablecoins to be sent on Bitcoin’s Lightning Network.