Moneygram Moves To Accept USDC For Money Remittance | Crypto News - YouTube

US-HEADQUARTERED MONEYGRAM WILL SOON BE  ADDING USDC TO ITS MONEY TRANSFER SERVICE,  

ALLOWING USERS TO SEND CRYPTO  WHICH CAN BE CONVERTED TO CASH.

WILL THIS BE A START TO TRANSFORMING  THE WORLD OF REMITTANCES?

LET’S FIND OUT WITH MARK LAMB,  CHIEF EXECUTIVE OFFICER AT COINFLEX,  

A LEADING CRYPTO DERIVATIVES  EXCHANGE AND YIELD PLATFORM.

GREAT TO HAVE YOU MARK

GREAT TO BE HERE.

MONEYGRAM IS TYING UP WITH THE STELLAR  BLOCKCHAIN FOR THIS CRYPTO TO CASH  

SERVICE. THEY ARE ONE OF THE BIGGEST PLAYERS  IN THE REMITTANCES MARKETS & WORLD BANK EXPECTS  

REMITTANCE TO TOP $600 BILLION THIS YEAR, COULD  THIS FIAT TO CRYPTO RAMP BECOME A GAME CHANGER?

THIS IS REALLY INCREDIBLE BECAUSE WHEN YOU CAN  GET CASH ON ONE HAND AND GET OUT IN USDC OR PUT IN  

USDC AND GET CASH ON THE OTHER HAND, IT IT ENABLES  THE THE PHYSICAL CASH AND REMITTANCES MARKETS  

TO CONNECT INTO THE CRYPTO  MARKETS. AND IN A LOT OF

CASES, PEOPLE JUST PREFER USDC AND OTHER  STABLECOINS COIN FLEX AS A STABLECOIN TO  

TO THE BANKING SYSTEM. AND SO WHEN YOU HAVE ONE  SIDE OF THE EQUATION ABLE TO USE STABLECOINS  

RATHER THAN BANKS, IT'S A GAME CHANGER IN TERMS  OF THE FEES. IT'S A GAME CHANGER IN TERMS OF  

ALL SORTS OF THINGS. AND IT MEANS ALSO IN THE  BACKGROUND, MONEYGRAM CAN USE STABLECOINS TO TO AS  

PART OF THEIR TRANSACTION FLOWS. SO I THINK  AGAIN, OUR VIEW IS REALLY THAT AT LARGE SCALE.

STABLECOINS SHOULD BE SAVING  SOMEWHERE ON THE RANGE OF $500  

BILLION A YEAR FOR CORPORATES AROUND THE WORLD. AND REMITTANCES ARE AT THE HEART OF THAT.

TALKING ABOUT FEES, EL SALVADOR’S  PRESIDENT SAYS USING CRYPTO CAN HELP SAVE  

BILLIONS OF DOLLARS IN HEFTY FEES & ON  REMITTANCES WHICH ACCOUNT FOR OVER 20% OF GDP,  

HOWEVER MONEYGRAM CEO BELIEVES  EXPECTATIONS OF SUCH SAVINGS ARE  

INFLATED, BUT ISN’T A CRYPTO FIAT  RAMP UP CREATING COST EFFICIENCIES?

THERE IS THIS WEIRD ANTI NETWORK  IN BLOCKCHAINS WHERE THE MORE  

STRONG AND POWERFUL A NETWORK BECOMES,  OFTENTIMES THE FEES GET WORSE.

SO IT'S KIND OF THE OPPOSITE OF A TRADITIONAL  NETWORK EFFECT, WHERE IN A SOCIAL NETWORK EFFECT,  

THE BIGGER A SOCIAL NETWORK GETS, THE BETTER IT  BECOMES. FOR USERS HERE, FEES OFTEN GET WORSE  

IN A CRYPTOCURRENCY, SO THERE'S BLOCKCHAINS  THAT DEAL WITH THAT PROBLEM VERY WELL. BITCOIN  

CASH BEING ONE OF THEM STELLAR I THINK IS A  LESSER KNOWN CHAIN. THERE ARE FEES ARE PROBABLY  

VERY LOW BECAUSE OF THAT. IS IT ENGINEERED TO HAVE  LOW FEES AT SCALE? WE'LL SEE. BUT THE THE I THINK  

THE IDEAL SITUATION IS WHERE SOMEONE'S USING A LOW  FEE CHAIN AND USING A STABLECOIN ON TOP OF THAT  

LOW FEE CHAIN. BECAUSE IN THAT SITUATION, THERE'S  NOT A LOT OF VOLATILITY. THERE'S THERE'S ZERO COST  

OR NEAR ZERO COST SUB ONE $0.01 COST TO MOVE  FUNDS AROUND. AND IN THAT SAME SWITCH SITUATION.

YOU SHOULD SEE ENORMOUS COST SAVINGS IN OTHER  SITUATIONS. IT MIGHT NOT BE THE CASE. IT MIGHT BE  

IF YOU USE BITCOIN AND ETHEREUM AND USE THE  NATIVE TOKENS ON THOSE EXCHANGES, ON THOSE CHAINS,  

IT MIGHT BE MORE EXPENSIVE.

REMITTANCES FROM WELL OFF RELATIVES  IN THE DEVELOPED WORLD ARE SUCH A BIG  

PART OF HOW PEOPLE SUSTAIN THEMSELVES IN  COUNTRIES LIKE THE THE PHILIPPINES ETC,  

COULD CRYPTO REMITTANCES BECOME  THE BRIDGE TO HASTEN ADOPTION  

ACROSS DEVELOPING COUNTRIES? WHAT STUMBLING  BLOCKS DO YOU SEE IN REAL LIFE APPLICATION?

YEAH.I THINK THE BIGGEST STUMBLING BLOCK  

IS ACTUALLY NOT ENOUGH COMPANIES LIKE  MONEYGRAM AND THE BANKING SYSTEMS  

WHERE THEY WILL PLUG INTO THESE THESE THINGS.  SO IT'S OFTEN VERY DIFFICULT TO ACQUIRE.

TO BUY OR SELL CRYPTO OR STABLECOINS. IF YOU'RE  IN SOME OF THESE COUNTRIES, THE BANKS MIGHT NOT  

ALLOW IT. THE REMITTANCES COMPANIES MIGHT NOT  HAVE INTEGRATED WITH IT. YOU KNOW, THERE WILL  

BE ALL THESE INTEGRATION AND ACCEPTANCE PROBLEMS,  AND THAT'S WHY MONEYGRAM'S ACCEPTANCE OF USDC IS  

REALLY PIVOTAL, BECAUSE IF THEY'RE ACCEPTING  IT, YOU KNOW, THEY'RE NOT EXACTLY A BANK,  

THEY'RE IMMENSE COMPANY. SO, YOU KNOW, THEY CAN  THEY CAN POTENTIALLY DO THINGS THAT BANKS MIGHT  

NOT BE ABLE TO DO, BUT BECAUSE THEY ARE ACCEPTING  IT NOW, IT CREATES ANOTHER VERY, VERY LEGITIMATE  

FORM OF ONRAMP AND OFF RAMP WHERE WHEREAS IF YOU  DON'T HAVE THAT, YOU MIGHT HAVE TO RESORT TO THE  

PEER TO PEER MARKETS. AND THERE'S A TRUST PROBLEM  THERE. YOU KNOW, THERE ARE VERY DEEP, VERY LIQUID.  

BUT AT THE END OF THE DAY, YOU ARE TRUSTING  SOMEONE ELSE WITH YOUR MONEY WHO ISN'T A BIG  

COMPANY. THEY'RE JUST AN INDIVIDUAL THAT'S THAT'S  SELLING YOU THEIR STABLECOINS OR THEIR CRYPTO.

IN MANY COUNTRIES. THERE  ARE PROBABLY MORE USERS OF  

MONEYGRAM THAN EVEN BANK ACCOUNT HOLDERS. YOU KNOW

THERE'S PROBABLY A LOT OF PEOPLE IN THE POPULATION  

THAT DON'T HAVE BANK ACCOUNTS, BUT THEY DO  USE MONEYGRAM BECAUSE THAT'S HOW THEY GET CASH  

AND THAT'S HOW THEY GET CASH FROM THEIR RELATIVES  IN AMERICA OR EUROPE. AND AND THAT CASH IS WHAT  

SUSTAINS THEM. SO IN A LOT OF COUNTRIES, MONEYGRAM  IS ACTUALLY EVEN MORE IMPORTANT THAN A BANK

WELL A LOT OF THINGS ARE CALLED GAME  CHANGERS & THIS ONE MIGHT ACTUALLY  

BE IT, THANKS FOR THE CONVERSATION AS ALWAYS MARK.

THANK YOU FOR HAVING ME..