1. New User Capabilities
2. Stellar Network Integration
3. Euro-backed Stablecoin on Stellar

CEX.io, a centralized cryptocurrency exchange, has announced a strategic integration with financial services company MoneyGram and the Stellar blockchain.

New User Capabilities

The partnership with MoneyGram will provide new opportunities for CEX.io users, offering access to crypto cash-in and cash-out services. The conversion of Circle USD (USDC) to physical cash and vice versa will be available at participating MoneyGram locations. According to Joel Kosloski, chief information security officer and chief information officer at CEX.io, the exchange is actively working to expand the integration to more countries.

Stellar Network Integration

Integration with the Stellar blockchain, designed for quick and cost-effective transactions, plays a fundamental role in the conversion process between digital and fiat currencies. Stellar’s technology, known for tokenizing traditional currencies, will enable CEX.io to offer users fiat-to-USDC and USDC-to-fiat services at MoneyGram participating locations. Arina Dudko, director of Lithuania and head of corporate payment solutions at CEX.io, stated that building on the Stellar network will increase the versatility of payment methods accessible to users.

Euro-backed Stablecoin on Stellar

On August 5, an initiative was announced to reintroduce a euro-pegged stablecoin, dubbed EURT, on the Stellar network. France-based fintech company Next Generation and Ireland-based electronic money institution Decta stated that the initiative would fully comply with the European Union’s new crypto legislation. The EU Markets in Crypto-Assets Regulation (MiCA), which took effect on July 1, focuses on stablecoins and their issuers. The full scope of MiCA will take effect on December 30 and will also encompass crypto-asset service providers (CASPs), including exchanges, wallet providers, and other related services.

The integration of CEX.io with MoneyGram and Stellar significantly expands user capabilities in managing crypto and cash assets, making conversions and transactions more convenient and accessible.