Moneygram has announced its collaboration with the Stellar Development Foundation to launch a non-custodial digital wallet that will allow users to switch between fiat and digital currencies for cross-border payments.

MoneyGram and Stellar Team Up to Offer Non-Custodial Digital Wallet

Moneygram plans to launch a new digital wallet in the first quarter of 2024 that will enable its customers to cash out their digital assets at any participating Moneygram location worldwide.

The wallet will also allow users to send digital assets to other wallet users. However, some privacy advocates may be concerned that Moneygram will apply its compliance screening to all wallet users. Moneygram’s CEO,

Alex Holmes said that the non-custodial digital wallet would further advance the company’s mission of empowering its customers through innovative financial solutions. The wallet will be offered without fees until June 2024 and will use Stellar’s blockchain network while integrating with Moneygram’s existing fiat on- and off-ramps.

Moneygram plans to add more features to the wallet after its launch that will further connect global money transfers with blockchain payments. This development builds on Moneygram’s previous ventures in the crypto space in 2022, including the launch of a USDC crypto-to-cash program and permitting customers to buy and sell cryptocurrencies directly within its money transfer app.

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The non-custodial wallet is the company’s latest effort to expand access to digital assets.

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