TechFlow news — Cross-border payment giant MoneyGram plans to launch a non-custodial wallet, allowing users to transfer funds between fiat currencies and the dollar-pegged stablecoin USDC. MoneyGram will continue leveraging the Stellar blockchain to power this wallet.
MoneyGram CEO Alex Holmes said the company has undergone a digital transformation over the past five years, aiming to dispel misconceptions related to cash transactions and redefine the concept of transferring funds between fiat currencies. Unlike many other non-custodial wallets, MoneyGram's new product will implement full KYC (Know Your Customer) requirements and will only be compatible with other MoneyGram wallets. While this restriction may reduce its functionality within the broader crypto ecosystem, it helps MoneyGram avoid regulatory scrutiny.
