Breaking News
Investing Pro 0
⏰ React to the Market Faster with Custom, Real-Time News Get Started

MoneyGram CEO Touts Stablecoin Remittances Ahead Of Stellar Blockchain-Based Platform Launch

Cryptocurrency May 30, 2022 00:10
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
MoneyGram CEO Touts Stablecoin Remittances Ahead Of Stellar Blockchain-Based Platform Launch
 
STLAM
+0.93%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BLKCF
0.00%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CRCW
0.00%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XLM/USD
-1.46%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Alex Holmes — the CEO of remittances giant Moneygram International Inc. (NASDAQ: MGI) — said that the firm is "trying to be a bridge from the crypto world to the fiat world."

What Happened: MoneyGram is preparing to launch a service based on the Stellar (CRYPTO: XLM) blockchain which would leverage stablecoins to carry out remittances, according to a Sunday Bloomberg report. During an interview, Holmes admitted that "the world of crypto and the world of fiat are not really compatible today," but promised that the firm is trying to move the two closer.

See Also: How To Earn Free Crypto

When MoneyGram's new service launches, the platform will be using USD Coin (CRYPTO: USDC) — the stablecoin jointly launched by fintech Circle and crypto exchange Coinbase (NASDAQ:COIN) Global Inc. (NASDAQ: COIN) — on the Stellar blockchain to quickly move value around the globe. The company would then allow users to cash out the stablecoins for fiat currency through its own network.

The move comes amid heightened regulatory scrutiny after major cryptocurrency Terra (CRYPTO: LUNA) collapsed and lost over 97% of its value as its native stablecoin TerraUSD (CRYPTO: UST) fell to under $0.30. The losses amounted to nearly $24 billion of capital evaporating from the two tokens' market capitals, all within 24 hours.

While the fall of TerraUSD caused fears over the collapse of other stablecoins, Benzinga's analysis highlighted that USD Coin has very different implementation means that it could not fall in the same way TerraUSD did — at least not for the same reason.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

MoneyGram CEO Touts Stablecoin Remittances Ahead Of Stellar Blockchain-Based Platform Launch
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email