Payments

Coinme teams with Stellar Development Foundation to promote USD Coin

Image provided by Coinstar

March 28, 2023

Coinme, a cryptocurrency cash exchange in the U.S. that offers its services at Coinstar kiosks, has teamed with the Stellar Development Foundation, a non-profit organization that supports the development and growth of the Stellar network, to introduce Circle's USDC, a stablecoin on the Stellar network, according to a press release.

Coinme's integration of USDC on Stellar promotes financial inclusion by enabling physical cash to become borderless digital cash accessible across thousands of locations nationwide, enabling users to cash in or cash out as well as send and receive USDC on Stellar.

"By enabling USDC on Stellar in the Coinme wallet, anyone with cash can now utilize the Stellar blockchain to access a fully-backed dollar digital currency," Neil Bergquist, CEO and co-founder of Coinme, said in the press release. "People can now swap their cash for USDC on Stellar and send it in seconds for the cost of a penny. The combination of Coinme's vast cash network, USDC and the Stellar network is a game changer for the cash remittance and payments market."

Coinme powers a cryptocurrency cash network via its API technology with a footprint of over 40,000 locations nationwide. The ability to cash in and out of USDC with low fees is available at thousands of Coinme-enabled locations in the U.S.

Sending and receiving USDC via the Coinme wallet is virtually free for peer-to-peer transactions and provides near-instant payments to family and friends across large distances.