The cross-border payment giant MoneyGram will launch a non-custodial wallet that supports the transfer of funds between fiat currency and USDC

2023-09-26 20:04:43

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ChainCatcher news, according to Fortune magazine, cross-border payment giant MoneyGram announced on Tuesday that it will launch a non-custodial wallet to help users transfer funds between fiat currencies and the US dollar stablecoin USDC. MoneyGram continues to utilize the Stellar blockchain to support its wallet.

MoneyGram CEO Alex Holmes stated that the company has undergone a digital transformation over the past five years to "eliminate the misconception" that it will be replaced by cashless products. He said, "We are redefining what it truly means to transfer funds between fiat currencies."

Unlike many non-custodial wallets, MoneyGram's new product will have full KYC requirements and will only be compatible with other MoneyGram wallets. While this limits its functionality within the broader crypto ecosystem, it also protects MoneyGram from regulatory scrutiny.

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Stellar An open network for storing and transferring funds.