Cross-border transfer service MoneyGram carried out the official introduction of its stablecoin-powered payment channel, rolling out the feature for sending USD Coin (USDC) payments worldwide. 

Specifically, The new service will reportedly be available throughout numerous primary remittance markets, including Canada, the United States, Kenya, and the Philippines, as revealed by Circle and MoneyGram on June 10th. 

Cash-out features accessible by customers throughout the globe will be released towards the end of the month. To embrace adoption, the USDC transfer service will be free-of-charge, fee-wise, for the first 12 months.

MoneyGram’s freshly rolled out transfer solution was reportedly developed on the Stellar (XLM) blockchain, enabling Stellar wallet users to send USDC to recipients across the globe. 

The solution was designed with the intention of closing the gap between virtual assets and physical cash currency, together with showcasing the utility of crypto payments.

Head of Stellar Development Foundation, Denelle Dixon, further claimed that the new transfer channel will provide assistance to the population across the globe without proper banking infrastructure to tap into the digital economy for the first time. 

Regardless of different estimations, the World Bank revealed that approximately 1.7 billion adults are unbanked, which means they suffer from access insufficiency to an account at a financial institution. 

Whether via decentralized finance, central bank digital currencies or crypto-powered transfer and settlement services, blockchain technology has been posited as a viable measure to fix this financial exclusion.

Previously, Circle reportedly also disclosed on June 10th details of its definitive agreement to complete the acquisition of crypto infrastructure platform CYBAVO, which it believes will further pave the way for USDC adoption.