Stellar (XLM), often seen as a competitor to XRP in the blockchain-based payments space, has made a bold move into the on-off ramping business with the launch of MoneyGram Ramps, a new API developed in partnership with the global payment network MoneyGram.
As per the official announcement shared on Stellar’s official X handle, this integration allows developers to seamlessly connect cash and cryptocurrency ecosystems, potentially challenging XRP’s dominance in cross-border financial solutions.
The official release notes that MoneyGram Ramps is powered by the Stellar network and it enables users to convert cash into digital assets like USDC—or withdraw crypto as cash—without requiring a bank account.
This developer-friendly API, which requires just a few lines of code to implement, leverages MoneyGram’s global footprint across over 180 countries, making it easier for digital wallet providers to offer on-off ramping services at physical locations.
The move aligns with Stellar’s core mission of financial inclusion, targeting the 1.4 billion unbanked adults worldwide, as highlighted in a 2023 report. By removing banking dependencies, Stellar aims to empower underserved populations to participate in the digital economy.
Unlike XRP, which primarily serves financial institutions for cross-border settlements, Stellar’s approach with XLM focuses on democratizing access to financial services. Stellar’s blockchain offers low-cost, near-instant transactions, positioning it as a more energy-efficient alternative to platforms like Bitcoin.
This latest development builds on Stellar’s earlier collaboration with MoneyGram in 2022, which introduced USDC cash transactions, and now expands its utility by simplifying the integration process for developers.
