MoneyGram International – among the top major cross-border transfer services globally – is reportedly forging an alliance with the Stellar blockchain to form a stablecoin-based platform for money transfers.

Specifically, the freshly rolled out offering will reportedly make it possible for Stellar wallet users to transfer Circle’s USD Coin (USDC) to recipients, who will the have the ability to convert them out for fiat currency via the MoneyGram network.

“We’re trying to be a bridge from the crypto world to the fiat world,” the current Head of MoneyGram, Alex Holmes, additionally revealed via an interview.

Holmes further claimed that MoneyGram is currently holding discussions with with third-party entities that provide digital wallets in El Salvador together with the government-supported Chivo wallets, which were released when the nation granted Bitcoin (BTC) the legal tender status in 2021. 

via an agreement formed with one of those firms , MoneyGram would possess the power to become a proper rival for BTC transfers also.

“If a country like El Salvador is going to make Bitcoin seamless with US dollars in country, I think that consumers, through MoneyGram, should be able to transfer Bitcoin to El Salvador or transfer dollars and convert them to Bitcoin,” Holmes reportedly remarked. 

“If that’s where the world is going, let’s participate in that world and let’s see how we can help fulfill that opportunity.”

Previously MoneyGram entered an agreement with Ripple Labs, which once had their possession a major package of its stock. Ripple and MoneyGram concluded their relationship in March last year, not long following the United States Securities and Exchange Commission submitted a filing for a lawsuit against Ripple. 

MoneyGram’s involvement with Ripple resulted in a class-action suit against the payment service in March 2021.