OwlTing and MoneyGram Connect for Enhanced Global Stablecoin Access

OwlTing Expands Integration with MoneyGram for Stablecoin Access

OwlTing Group, renowned for its blockchain fintech initiatives, has recently announced a significant enhancement to its OwlPay® Wallet Pro by integrating with MoneyGram International. This partnership aims to greatly improve the accessibility of the USDC stablecoin across the globe, particularly in regions with limited banking services.

Enhanced Wallet Features

The integration allows users of the OwlPay® Wallet Pro to convert local fiat currencies into USDC in over 30 countries through nearly 50,000 MoneyGram locations. Moreover, the wallet supports cashing out from USDC to fiat in more than 170 nations at over 375,000 MoneyGram outlets. This feature is powered by MoneyGram Access™, a novel service designed specifically for digital asset wallets.

In conjunction with this significant feature, OwlPay® Wallet Pro is also experiencing a critical update. The user wallets have transitioned to a model called unhosted wallets, giving users more control over their passphrases. This change is pivotal in enhancing both the security and accessibility of the wallet. The updated version is currently available for download on both iOS and Android platforms.

Addressing Financial Barriers

In an era where financial inclusion is vital, OwlTing's partnership with MoneyGram is set to tackle long-standing challenges in the cross-border remittance market, which have historically been marred by high fees, slow processing, and limited service availability. With MoneyGram reducing its traditional remittance fee to under 3%, OwlTing is on a mission to further support this goal in alignment with the United Nation's sustainable development objectives.

Darren Wang, the CEO of OwlTing Group, emphasized the growing demands from businesses requiring international payment solutions, as well as immigrants needing affordable ways to send money home. By collaborating with MoneyGram, OwlTing aims to better facilitate these financial transactions and bolster the financial resilience of underbanked regions, particularly in Latin America and Africa.

MoneyGram’s Jon Lira echoed this sentiment, recognizing that the synergy between OwlTing’s digital payments and MoneyGram’s established network will not only enhance the utility of USDC but also become transformative in everyday financial activities.

Future of Cross-Border Payments

The global remittance market has shown promising growth, valued at $50 billion in 2023, with projections for a compound annual growth rate of 10.5% from 2024 to 2033. This reflects an increasing demand for affordable cross-border payment options. The OwlPay® Wallet Pro aims to facilitate seamless transfers of USDC to recipients globally without necessitating traditional bank accounts, allowing for an efficient means to combat inflation and exchange for cash when necessary.

To ensure a secure transaction environment, OwlTing prioritizes legal compliance and has secured licenses in 29 U.S. states, including a recent acquisition of the Money Transmitter License in Utah. Additionally, the company has achieved the ISO/IEC 27001 certification, reinforcing its commitment to minimizing cyber threats and protecting user data.

This recent collaboration comes on the heels of OwlTing's previous integration with the Stellar blockchain earlier this year to support USDC, potentially broadening their outreach to over 8 million Stellar accounts. With both the Stellar integration and the new MoneyGram partnership, OwlTing is poised to foster a compliant and scalable payment platform for both U.S. and international markets.

About MoneyGram & OwlTing

MoneyGram International stands as a leading global financial technology enterprise, enabling individuals and businesses to transfer funds across the globe through its robust platform. Commitment to innovation, including the adoption of blockchain technology, positions it as a pioneering entity in the industry.

OwlTing Group, founded in 2010, positions itself as a forward-thinking blockchain fintech firm with a strategy focused on the digital transformation of payment methods. With a presence in various countries including the U.S., Japan, and Singapore, it continues to advance its mission of empowering enterprises with compliant and forward-thinking payment solutions.

For more information on OwlPay® Wallet Pro and its recent enhancements, visit the official OwlTing website.