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MoneyGram has partnered with the Stellar Development Foundation after severing ties with Ripple earlier this year. Popular altcoin Stellar Lumens (XLM) rallied more than 15% on the impact of the news. Cryptocoin. com, we have compiled the details for you, let’s examine the subject together…

MoneyGram has partnered with the Stellar Development Foundation!

The Stellar Development Foundation, a non-profit organization that supports the development of the Stellar protocol, has signed a partnership with Dallas-based money transfer company MoneyGram. USD Coin, the second largest stablecoin released on the Stellar Blockchain in early February, will be used as a bridge currency to facilitate fast payments.

United Texas Bank will be responsible for settlement of transactions by providing instant conversion of USD stablecoin to fiat currencies and vice versa. The pilot phase of the project will begin in the fourth quarter of this year. It’s unclear when the service will become available worldwide. Stellar Lumens (XLM) rallied more than 15%, driven by the news.

Popular altcoin Stellar Lumens rallies more than 15% on news

MoneyGram has terminated its partnership with the company after the SEC sued Ripple. Stellar, a competing blockchain created by Ripple co-founder Jed McCaleb, has now replaced Ripple. However, SDF CEO Denelle Dixon told Forbes that the partnership focuses on the front-end experience and therefore is not just an alternative to on-demand liquidity (ODL):

This, I think, is actually even more exciting. Because the front end brings the consumer side.


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