MoneyGram rolls out stablecoin USDC transfer service

MoneyGram (NASDAQ:MGI) on Friday has launched a crypto-to-cash service on the Stellar network in a move that allows digital wallet users in some countries to send stablecoin USDC (USDC-USD) payments to recipients who can withdraw as cash. The move come after MoneyGram and Stellar Development Foundation, the company behind the stellar (XLM-USD) blockchain, teamed up in October 2021 to try to bridge the gap between digital assets and cash. The service, which will initially be offered as a zero-fee service for the first year, is currently available in Canada, Kenya, Philippines and the U.S. for the first wave of users. Global cash-out functionality is expected to be available by the end of June, the company said, adding that it will expand access to the service into seven more countries by the end of this month. Moreover, users of the Stellar-connected digital wallets Vibrant and LOBSTR can now access the transfer