MoneyGram and Stellar partner with CEX.io for crypto cash services

CEX.io, a cryptocurrency exchange, has teamed up with MoneyGram and the Stellar (CRYPTO:XLM) blockchain to expand access to global cash-in and cash-out services. 

This new partnership allows users to convert Circle's USD Coin (CRYPTO:USDC) into physical cash and vice versa at MoneyGram locations. 

This move aims to bridge the gap between digital and traditional currencies, offering more flexible options for managing both crypto and cash. 

The integration will primarily benefit users in regions such as the European Economic Area (EEA), Africa, and Latin America. 

Customers in countries like Austria, Hungary, Ireland, Lithuania, and Poland can now use physical cash to fund their accounts, with plans to expand to additional regions soon. 

Joel Kosloski, chief information officer at CEX.io, shared that the platform is "actively working" to increase the number of participating countries. 

The Stellar blockchain plays a central role in this partnership. 

Known for its efficient and low-cost transaction capabilities, Stellar's technology will facilitate the conversion between digital assets like USDC and fiat currencies. 

This feature will allow users to access USDC-to-fiat and fiat-to-USDC services at participating MoneyGram locations. 

Arina Dudko, CEX.io's director in Lithuania, highlighted that the Stellar integration enhances the "versatility of payment methods" available to users. 

This development comes after recent efforts to launch a euro-pegged stablecoin, EURT, on the Stellar network in compliance with the European Union's crypto legislation under the Markets in Crypto-Assets Regulation (MiCA) framework. 

The full scope of MiCA, which also covers crypto service providers like exchanges, will come into effect on December 30. 

At the time of reporting, the Stellar (XLM) price was $0.09349.