MoneyGram Unveiling Non-Custodial Wallet for USDC Stablecoin

The wallet, launching in early 2024 on the Stellar network, will allow users to cash-out the stablecoin at participating locations.

Financial technology company MoneyGram, which began allowing U.S. users to buy and sell crypto through its app late last year, will unveil a non-custodial digital wallet in the first quarter of 2024, according to a company press release.

The announcement builds on an existing relationship with Stellar and expands the ways that users can convert cash into USDC and back, which could make the stablecoin attractive to more retail investors.

Users of the Stellar-based wallet will be able to send digital assets to other users under the umbrella of MoneyGram’s compliance services and can visit participating MoneyGram locations to cash out their digital assets.

The wallet will have zero fees through June 2024. MoneyGram plans to expand its capabilities and features over time to include international money transfers and blockchain payments.

Jeremy Allaire, co-founder and CEO of USDC issuer Circle, said on X of the announcement, “Major upgrade to global on and off ramps for USDC.”

Founded in 1988, Dallas-based MoneyGram became established in the fintech space as a platform for cross-border payments.

The company signed a commercial partnership with the Stellar Development Foundation (SDF) in 2021 after years of collaboration. Last month, SDF announced it had taken an undisclosed minority stake in MoneyGram and accepted a seat on the board of directors.