Benzinga | Oct 7, 2021 06:35AM EDT

MoneyGram Forges Blockchain Technology Collaboration

* Digital P2P payments provider MoneyGram International Inc (NASDAQ:MGI) collaborated with the non-profit organization Stellar Development Foundation.

* The foundation supports the development and growth of Stellar, an open-source, public blockchain that allows money to be tokenized and transferred globally.

* MoneyGram's network, integrated with the Stellar blockchain and facilitated through Circle's USD Coin (USDC), will enable cash funding and payout in local currency for consumers using USDC and near-instant backend settlement capabilities.

* "As crypto and digital currencies rise in prominence, we're especially optimistic about the potential of stablecoins as a method to streamline cross-border payments," said Alex Holmes, MoneyGram Chairman and CEO.

* The partnership will go live in select markets in 2021 and internationally in 2022.

* Price Action: MGI shares closed lower by 0.9% at $7.69 on Wednesday.