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MoneyGram and Stellar Extend Five-Year Partnership With Stablecoin Balances in El Salvador

The rollout adds stablecoin balances to the MoneyGram app in El Salvador after a prior launch in Colombia, expanding the companies’ cross-border digital asset offering.

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Summary

MoneyGram and Stellar said they have extended their five-year partnership and introduced stablecoin balances in the MoneyGram app in El Salvador. The launch follows what the companies described as a successful earlier rollout in Colombia. The move expands their digital asset-based payments offering, which is typically aimed at improving cross-border money movement by using blockchain rails and stable-value tokens.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a stable value, usually by being pegged to a fiat currency such as the U.S. dollar.
  • Stellar: A blockchain network focused on payments and transfers, designed to move digital representations of money quickly and at low cost.
  • Blockchain rails: The underlying blockchain infrastructure used to move digital assets or settle transactions across borders.