Despite the recent Terra collapse, MoneyGram is going to add stablecoinUSDC to its money-transfer services. The US company is looking to get involved in the transfer of money from the US to El Salvadoran, despite the president's criticism of the costs.
MoneyGram is still looking to launch a service that will allow customers to convert their holdings in their wallet into Circle's stable coin. They can send it to the US or overseas and convert it into hard currency.
Despite recent selloffs and volatility, MoneyGram CEO Alex Holmes said that, "Crypto is obviously here to stay, and it's going to be here for a long time."
The crash of terraUSD and luna in May caused a wider market meltdown. The loss of the peg to the dollar and its ensuing death spiral undermined faith in stable coins.
Stable coins are still seen as a way to get around a lack of compatibility between cryptocurrencies and government-issued currencies like the dollar.
According to the report Sunday,Holmes said that they are trying to be a bridge from the cripto world to the fiat world.
MoneyGram is interested in El Salvadoran, where the government adopted leadingcryptocurrencies as legal tender in September.
International money transfers account for more than 20% of the country's GDP, and the government made the move to help its citizens avoid the $400 million a year in fees.
If a country like El Salvador is going to make it easy for consumers to transfer money to and from there, I think MoneyGram should be able to do that.
If that is where the world is going, let's participate in that world and see how we can help fulfill that opportunity.
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