CompoSecure has integrated its Arculus Cold Storage Wallet with MoneyGram Access, allowing users to conduct cash transactions with the Circle USD Coin (USDC) at MoneyGram locations.
This collaboration positions Arculus as the inaugural hardware wallet to offer such a service with MoneyGram Access, enabling the conversion of physical cash into digital currency.
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The service permits consumers to exchange cash for USDC on the Stellar blockchain and store their digital currency in the Arculus Wallet.
The partnership allows users to withdraw cash in local currency at over 440,000 MoneyGram retail sites across more than 200 countries and territories, the remittance firm said in a statement.
Additionally, Arculus has received a grant from the Stellar Development Foundation (SDF) to integrate payments from self-custody crypto wallets into traditional payment systems through smart contracts.
The grant will also help CompoSecure expand stablecoin payments by developing Soroban smart contracts for Stellar’s DeFi Pay system.
These contracts will enable payments from self-custody wallets through traditional payment networks like Visa or Mastercard.
CompoSecure and Arculus chief product and innovation officer Adam Lowe said: “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 Stellar network, which the SDF supports, is designed to facilitate the tokenisation and exchange of various forms of value, such as different currencies, to promote global financial interoperability.
MoneyGram Access general manager and partnerships head Jon Lira stated: “At MoneyGram, our vision is to create a world where everyone can thrive without financial borders, creating a future of shared prosperity and opportunities. With MoneyGram Access, we are breaking down barriers by making digital currencies more accessible to everyone—including the hundreds of millions globally who rely on cash.”
Earlier this month, MoneyGram partnered with Mastercard to adopt Mastercard Move, an initiative aimed at enhancing the digital transfer of money within the US and internationally.
