MoneyGram and OwlTing Partner to Bring USDC Transactions Worldwide

MoneyGram, a leader in global cross-border payments, has recently unveiled its strategic partnership with OwlTing Group, a prominent cryptocurrency service provider based in Hong Kong. This alliance promises to enhance the accessibility of USDC stablecoin transactions across MoneyGram's vast network, marking a significant step towards bridging traditional finance with decentralized finance (DeFi).

The integration between MoneyGram and OwlTing introduces a new era for OwlPay Wallet Pro users, allowing them to engage in cash-in and cash-out operations with USDC at MoneyGram locations worldwide. This initiative is particularly pivotal in over 30 countries where MoneyGram operates, providing a seamless transition between local currencies and the USDC stablecoin. Furthermore, this partnership extends its benefits to users in 170 countries, enhancing the capability to withdraw USDC into local currency.

USDC, developed by Circle, stands as the second-largest stablecoin globally, with a market cap hovering around $41 billion. Its peg to the US dollar provides a stable digital cash alternative, which is crucial for those in regions facing currency volatility. MoneyGram's endorsement of USDC through this partnership not only signifies a nod to the growing acceptance of stablecoins but also underscores its commitment to integrating cutting-edge financial technology into its services.

Expanding Digital Access

This collaboration is more than just a technical integration; it's about opening up new avenues for financial inclusion. By linking OwlPay Wallet Pro with MoneyGram's extensive network, the partnership aims to democratize access to the digital economy, particularly for those in underbanked regions where traditional banking services are scarce or unreliable. The synergy between OwlTing and MoneyGram is poised to offer a lifeline to millions by providing a secure, efficient way to manage finances through digital means, thereby fostering economic resilience and empowerment.

MoneyGram's history with blockchain technology is noteworthy. Previously, it facilitated cryptocurrency purchases including Bitcoin, Ethereum, and Litecoin directly through its mobile app since 2022, showcasing its forward-thinking approach in the financial sector. Before this, MoneyGram was also a key partner with Ripple, utilizing its On-Demand Liquidity (ODL) solution for cross-border remittances, which utilized XRP to enhance payment efficiency. The shift to Stellar, where OwlTing has been a collaborator since August 2024, reflects MoneyGram's adaptability in the fast-paced world of fintech.

This move into the Stellar ecosystem is strategic, given its reputation as one of the fastest-growing crypto platforms in the last quarter of 2024. The partnership not only taps into Stellar's robust infrastructure but also aligns with MoneyGram's mission to innovate and expand its service offerings. The collaboration is anticipated to introduce new business-to-business tools, particularly beneficial in areas grappling with high inflation rates, where a stable currency like USDC can play a critical role in financial stability.