American financial services company MoneyGram has collaborated with Stellar blockchain to allow users to transfer stablecoins and convert them into fiat currency.
The international remittances company, which currently offers bitcoin services to clients, will also enable users to withdraw their holdings via MoneyGram’s network.
MoneyGram’s Chief Executive Officer Alex Holmes observed that cryptocurrencies would be there in the long run despite the recent market crash. The executive is optimistic that the partnership will bridge the gap between digital and fiat currencies.
Holmes cited El Salvador, which adopted bitcoin as a legal tender, that consumers could use Moneygram to transfer Bitcoin to El Salvador or transfer dollars and convert them to BTC.
The CEO of the Stellar Development Foundation, Denelle Dixon, says that with billions of people depending on the digital assets, the partnership will offer the flexibility that both fiat and digital assets provide.
Source: BNN Bloomberg