Users of six more countries will be able to cash out USDC via MoneyGram
Date: 2023-07-18 Author: Karina Ziganova Categories: CRYPTO PAYMENTS
Africa's largest financial aggregator and P2P platform, HoneyCoin, has partnered with the Stellar blockchain. This was reported on the Twitter account of the project.
Through the partnership, HoneyCoin users will be able to cash out USD Coin (USDC) stablecoins at MoneyGram points in Kenya, Uganda, Tanzania, Nigeria, Ghana and the United Kingdom.
"Another real-world example of the use of USDC in Stellar," the blockchain project said in a statement.
Stellar and MoneyGram negotiations
For the first time, it was reported that MoneyGram plans to enter the stablecoin market through a partnership with Stellar in May last year. Then the two companies launched a service that will allow you to send stablecoins, as well as convert them into traditional money. At the start, it is expected that users will be able to convert traditional currency into the USDC stablecoin from Circle and vice versa.
At the same time, in July 2021, the Stellar Development Foundation, together with the investment company Advent International, negotiated a takeover of MoneyGram. However, the results of the negotiations are unknown.
This happened after the payment giant stopped cooperation with Ripple. Then representatives of both companies said that the decision was mutual. The termination of the partnership could also be a reaction to Ripple's litigation and the U.S. Securities and Exchange Commission (SEC).
Africa is one of the fastest-growing crypto regions
According to Chainalysis analysts, North Africa and the Middle East (MENA) turned out to be the most active regions in the world in terms of annual growth in cryptocurrency trading volumes. Experts attribute the explosive growth to the depressing situation of economies. Turkey, Egypt and Morocco are going through hard times due to the devaluation of national currencies and high inflation risks.
Individual African states have already begun to develop various initiatives for the introduction of cryptocurrencies. In particular, the Central African Republic became the first country in Africa and the second in the world to recognize bitcoin at the national level. Now the state is working on a bill on the legalization of cryptocurrencies.
