MoneyGram Forges Blockchain Technology Collaboration

Digital P2P payments provider MoneyGram International Inc MGI collaborated with the non-profit organization Stellar Development Foundation.
The foundation supports the development and growth of Stellar, an open-source, public blockchain that allows money to be tokenized and transferred globally.
MoneyGram's network, integrated with the Stellar blockchain and facilitated through Circle's USD Coin (USDC), will enable cash funding and payout in local currency for consumers using USDC and near-instant backend settlement capabilities.
"As crypto and digital currencies rise in prominence, we're especially optimistic about the potential of stablecoins as a method to streamline cross-border payments," said Alex Holmes, MoneyGram Chairman and CEO.
The partnership will go live in select markets in 2021 and internationally in 2022.
Price Action: MGI shares closed lower by 0.9% at $7.69 on Wednesday.