CompoSecure Launches Wallet Integration With MoneyGram for Cash-to-Crypto Access
As cryptocurrency makes strides toward real-world spending accessibility, payment card and security solutions provider CompoSecure announced the integration of its Arculus Cold Storage Wallet with MoneyGram Access.
The move lets users convert physical cash to digital USDC stablecoins and withdraw cash at MoneyGram locations worldwide, according to a Monday (April 21) press release.
According to the release, this integration allows users to deposit cash at participating MoneyGram locations and receive Circle USDC on the Stellar blockchain, which can be managed within the self-custody Arculus crypto wallet. Users can also withdraw local currency from their digital USDC holdings at over 440,000 MoneyGram retail locations across more than 200 countries and territories, the release said.
Adam Lowe, chief product and innovation officer at CompoSecure and Arculus, said this could be particularly appealing to those who lack access to traditional banking services. “We are bringing efficient and alternative technologies to millions of unbanked individuals without ready access to traditional banking and providing them with security and flexibility,” Lowe said in the release. “This integration enables people to convert physical cash into digital dollars on the highly performant Stellar blockchain and store those digital dollars securely, giving them complete autonomy and control over their assets.”
The release also noted that Stellar blockchain’s infrastructure supports the tokenization and trading of various currencies — including the U.S. dollar and the euro — providing interoperability between financial systems.
In addition, CompoSecure received a grant from the Stellar Development Foundation (SDF) to develop Soroban smart contracts for the Stellar blockchain, according to the release. This initiative aims to allow stablecoin holders to make payments directly from self-custody wallets at merchants that accept Visa or Mastercard. Once implemented, stablecoin holders will be able to make purchases at conventional point-of-sale terminals using their digital assets, connecting digital finance to everyday commerce.
“Arculus is making it possible to spend stablecoins with a simple tap just like any other payment card. This is the kind of utility that drives real-world adoption and demonstrates how everyday purchases can be made easy, accessible, and secure on Stellar,” Stellar Development Foundation CEO Denelle Dixon said in the release.
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