As the cryptocurrency market continues to expand all over the world and across industries, a good number of major corporations have begun to look for ways to incorporate cryptocurrencies into their operations. But these companies want to do while trying to avoid the risk associated with cryptocurrencies which leads them to seek out stablecoins.

One of such companies is MoneyGram International, which entered into a partnership with the Stellar (XLM) blockchain to launch a service that will let people send stablecoins and convert them into hard currencies.

MoneyGram facilitates money remittances as they offer their users the opportunity to online money transfer services around the world through digital and retail platforms. Allowing them to make international payments, pay their bills e.t.c.

According to its CEO Alex Holmes, this recent development will allow its users with digital wallets on the Stellar blockchain to convert their holdings to USDC stablecoin, which can then be cashed out through MoneyGram’s platform.

This is huge news for both crypto enthusiasts who want to deal more in fiat and those looking forward to moving away from traditional financial systems altogether.

The project was announced by MoneyGram when people questioned crypto-assets seeking to maintain their peg with fiat currencies as TerraUSD (UST) which de-pegged recently shook the entire market. But Alex Holmes the CEO of MoneyGram still believes in their future. He said, Cryptocurrency “is here to stay and it’s going to be here for a long time despite the recent selloffs and volatility. I think adopting it, and bringing it into the mainstream is important.

Featured image source: Forbes