Western Union and MoneyGram are among the largest players in the international remittance industry. Collectively, they facilitate over $350 billion in transfers annually, with Western Union accounting for approximately $150 billion and MoneyGram processing over $200 billion. 

Given the scale of their operations, any meaningful implementation of XRP in their transaction systems could have a considerable effect on the asset’s market value.

Estimating XRP’s Price Based on Full Integration

To estimate the potential price impact, a query was posed to OpenAI’s ChatGPT, which returned two separate projection models. The first model assumes complete adoption of XRP by both companies, with each holding substantial XRP reserves to ensure quick and efficient transaction settlements. 

According to this model, around $4.79 billion in XRP would need to be reserved as operational capital. To maintain market stability and prevent liquidity bottlenecks, an additional $14.37 billion in circulating XRP would be required.

This base demand was then multiplied by a factor of 50 to reflect speculative trading, investor sentiment, and long-term holding characteristics that have historically influenced the performance of assets like Bitcoin. Under these assumptions, XRP’s value could rise to approximately $12.

The second projection presents a more aggressive outlook. It considers a scenario in which both Western Union and MoneyGram abandon all fiat corridors in favour of XRP for every transaction. This model adjusts for real-world constraints, such as regulatory delays and liquidity locks, by reducing the expected turnover rate of XRP to 1.5 times per year.

In this scenario, the firms would need to hold enough XRP to cover their entire annual transaction volume, which places total XRP demand at roughly $700 billion. 

Dividing this figure by the available circulating supply of 59.23 billion XRP yields a base price of $11.82. Factoring in a multiplier of 8, representing market enthusiasm, long-term accumulation, and potential institutional adoption, the projected price escalates to $94.56.

Importantly, these figures reflect the potential value based solely on integration by these two remittance giants. They do not account for other possible use cases, such as adoption by central banks or additional remittance providers, nor do they consider XRP’s deflationary mechanisms. With broader usage, surpassing the $100 mark becomes a conceivable scenario.

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Ripple’s Past Partnerships with the Firms

Ripple has had previous engagements with both Western Union and MoneyGram. In 2019, Ripple and MoneyGram entered into a partnership enabling the latter to utilize Ripple’s xRapid product for cross-border settlements. Ripple also invested up to $50 million in MoneyGram’s equity during this time. 

However, the relationship ended in early 2023 following Ripple’s legal issues with the U.S. Securities and Exchange Commission, prompting MoneyGram to halt its use of XRP.

Western Union’s interaction with Ripple dates back to 2015, during which it conducted pilot tests using Ripple’s xRapid solution. Despite initial trials, Western Union never moved forward with full-scale adoption.

While neither Western Union nor MoneyGram currently uses XRP for settlement, the scale of their operations positions them as potential catalysts for significant price growth if adoption occurs. 

Theoretical projections show a possible path toward a multi-fold increase in XRP’s value, particularly if supported by favourable market conditions and increased institutional interest. However, these outcomes remain speculative and dependent on many external factors, including regulatory developments and the companies’ strategic directions.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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This move not only highlights Stellar’s commitment to the partnership but also intensifies the rivalry between Stellar and Ripple in the competitive blockchain payments sector.

Read Also: State-of-the-art Machine Learning Algorithm Sets Stellar (XLM) Price for August 31

Denelle Dixon, CEO of the Stellar Development Foundation (SDF), took to Twitter to announce the investment in MoneyGram, expressing enthusiasm for what lies ahead. While the exact investment amount remains undisclosed, SDF made the investment directly from its cash treasury, separate from its Enterprise Fund reserved for start-up investments.

The decision to invest in @MoneyGram was an easy one. After years of getting to know the business and the teams, we are excited to take part in MGI’s next chapter. It’s been an awesome few years working together, and we are excited for what’s next!https://t.co/PYAKHeXRxx

— Denelle Dixon (@DenelleDixon) August 15, 2023

Expanding Influence on MoneyGram’s Board

The investment has granted Stellar a seat on MoneyGram’s prestigious Board of Directors. Representing SDF, Denelle Dixon joins a distinguished group of global industry leaders with expertise in payments and financial services, including MoneyGram’s CEO, Alex Holmes. With this new alliance, the board aims to leverage its collective experience to further enhance MoneyGram’s business and strengthen its market-leading cross-border capabilities.

Potential for Business Growth

MoneyGram’s CEO, Alex Holmes, expressed optimism about the collaboration, emphasizing that as a private company guided by the new board, MoneyGram is well-positioned to reinforce its status as a leading global fintech platform connecting communities worldwide. Given the combined expertise of the board members, MoneyGram aims to advance its position in the industry and expand its reach.

Read Also: What Google Bard Said About Future Price of Stellar (XLM) After Ripple and XRP Victory

Stellar and Ripple Rivalry

The rivalry between Stellar and Ripple dates back to their shared origins. Launched by Ripple’s co-founder, Jed McCaleb, in 2014, Stellar has emerged as a formidable player in the blockchain payments space. Utilizing cutting-edge payment technologies, Stellar has solidified its position as a significant provider in the industry, competing directly with Ripple.

MoneyGram’s Partnership Shift

MoneyGram’s partnership with Stellar comes on the heels of its termination of collaboration with Ripple in 2021, with both parties opting not to disclose the reasons. Speculation suggests that this decision may be connected to the ongoing lawsuit brought against Ripple by the SEC.

Since the establishment of their partnership, SDF and MoneyGram have engaged in various initiatives to drive innovation in the payment landscape.

Expanding Access to Cryptocurrency Solutions

In a recent development, the integration of the WhiteBit crypto exchange into MoneyGram Access has enabled Ukrainians to access MoneyGram’s crypto-to-cash off-ramps solution. This collaboration between SDF and MoneyGram illustrates their shared commitment to empowering users with convenient and secure cryptocurrency solutions.

Stellar’s investment in MoneyGram and subsequent representation on its board of directors signifies the growing influence of Stellar in the payment industry and further intensifies the rivalry with Ripple.

With a renewed focus on advancing cross-border capabilities and leveraging collective expertise, MoneyGram is poised to strengthen its position as a leading global fintech platform under the guidance of its new board.

The collaboration between SDF and MoneyGram continues to drive innovation and expand access to cryptocurrency solutions, fostering a dynamic ecosystem that benefits users worldwide.

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MoneyGram Access is a MoneyGram product that runs on the Stellar network. It provides a way for digital wallets and fintech apps to provide financial services to people who do not have access to traditional banks. Users can easily convert physical cash to digital dollars and vice versa using their wallets and financial apps.

Read Also: Users Can Now Purchase Ethereum, Dogecoin, Stellar Lumens, and Three Others Using Coinstar Kiosks

By integrating WhiteBIT into MoneyGram Access, businesses can now offer their customers fast and cost-effective transactions using USDC on the Stellar network. Crypto wallet providers, crypto exchanges, and fintech app developers are among the businesses that can benefit from this service. It is important to note that businesses interested in using MoneyGram services must go through an onboarding process.

We're thrilled to announce that @WhiteBit has become the newest partner to join MoneyGram Access!

With this integration, WhiteBit is able to offer users access to @MoneyGram's crypto-to-cash off-ramps across participating locations in Ukraine.https://t.co/tqNTIcUbls

— Stellar (@StellarOrg) July 5, 2023

In addition, WhiteBIT joins MoneyGram Access as its sixth partner. Vibrant, Lobstr, Circle, Decaf, and Beans are among the other platforms that use the platform’s capabilities.

While Stellar and Ripple are fierce competitors, it is worth noting that Stellar was founded in 2014 by Jed McCaleb, who was also a co-founder of Ripple. After a disagreement with Ripple management in 2014, McCaleb left the company, taking with him his share of XRP, which accounted for approximately 9% of the coin’s supply. Over the next eight years, McCaleb gradually sold his XRP holdings, finally emptying his account in July 2022.

It is also worth noting that MoneyGram was formerly a major Ripple partner. The collaboration between the two companies was significant, with Ripple investing whopping funds to purchase MoneyGram’s equity. Additionally, MoneyGram used Ripple’s On-Demand Liquidity (ODL) solution for cross-border settlements, which involved XRP.

However, this collaboration came to an end in 2021. Following the SEC’s lawsuit against Ripple for alleged violations of federal securities laws, MoneyGram stopped using ODL for cross-border settlements. As a result, Ripple ended the agreement in March 2021 and sold all of its shares.

Following the split, MoneyGram formed a new partnership with Stellar in October 2021. The collaboration has managed to introduce innovative products and services, further strengthening the two companies’ partnership.

Read Also: Ripple CTO David Schwartz Takes a Dig at Stellar Lumens to Show that XRP is Bigger than XLM

Benefits of Stellar’s Partnership with WhiteBIT for MoneyGram Access

The collaboration between Stellar and WhiteBIT on MoneyGram Access benefits the crypto community in a number of ways. They are working together to expand the reach of crypto-to-cash services in Ukraine, providing users with greater accessibility and convenience. With the integration of WhiteBIT and MoneyGram Access, users can easily convert their cryptocurrencies into cash and vice versa, opening up new possibilities for everyday transactions.

In addition, this collaboration enhances MoneyGram Access as a platform with WhiteBIT joining a network of service partners. Businesses in the crypto industry, such as wallet providers, exchanges, and fintech developers, can use MoneyGram Access to provide fast and low-cost transactions on the Stellar network using USDC. This collaboration demonstrates the power of decentralized networks to transform the financial landscape and increase financial inclusion for everyone.

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XRP Community Reaction

The XRP community has reacted differently to the news. Cowboy Crypto, a Texas-based XRP influencer, initially shared the allegations but then removed them due to inadequate evidence confirming the document’s legitimacy.

Read Also: John Deaton: Thousands of Investors Bought XRP With Zero Knowledge about Ripple

Many people were drawn to one component in particular: Bart van Hoek’s involvement. Van Hoek, who previously served as MoneyGram’s Head of Product Innovation, was involved with the patent during his tenure. Surprisingly, he is currently the Lead Product Manager at Ripple. Although criticism persists, these elements lend credence to the assertions.

I deleted my retweet of the MoneyGram XRP Patent document because I could not find enough evidence to support the actual document itself. I will say though, the “inventor” of so-called Patent No: 11568489 is Bart van Hoek. His LinkedIn profile states he was Head of… pic.twitter.com/OVkLKwAevc

— Cowboy.Crypto (@cowboycrypto313) June 28, 2023

Exploring the MoneyGram Patent

Additional evidence has surfaced to support the community’s assertions. The United States Patent and Trademark Office (USPTO) gives an official document confirming MoneyGram’s patent’s existence.

MoneyGram filed the patent (number 11,568,489 B1) on September 15, 2021, and it was authorized by the USPTO on January 31, 2023, according to this document. Supporting data from the Justia legal platform validates the patent’s legitimacy even further.

The patent describes an automated international transaction system that includes two essential components: a commercial network linked to resolution solution networks and an autonomous robot designed to carry out specified instructions. Most importantly, this system is credited to Bart van Hoek.

Furthermore, the patent exposes MoneyGram’s plan to use XRP for international payment settlements. The currency conversion procedure involves converting US dollars (USD) to XRP, and then to Mexican pesos (MXN).

Skeptical Inquiries and MoneyGram’s Relationship with Ripple

Desconcernse developing evidence, several XRP supporters raised concern about the difficulties of locating the patent through a simple search on the USPTO website. However, according to a community member, the search query ‘(“11,568,489”).pn.’ is required to access the patent in the USPTO public advanced search section.

Because of MoneyGram’s broken connection with Ripple, these moves have raised suspicions. Ripple’s CEO, Brad Garlinghouse, said in March 2021 that the MoneyGram-Ripple collaboration agreement would be discontinued.

Read Also: Thinking Crypto Podcast Host Gets Eyes On XRP for Bullish Trend Once Ripple Wins Lawsuit

Although a March 8, 2021 press release mentioned the possibility of a review, no official statements have followed. Despite recognizing the promise of XRP, MoneyGram has turned its focus to Stellar, Ripple’s major competitor in the crypto industry.

The conjecture surrounding MoneyGram’s possible incorporation of XRP in a cross-border platform has sparked the crypto world’s curiosity. While doubt persists, the legitimacy of the patent, together with Bart van Hoek’s connections to both MoneyGram and Ripple, suggests that these claims may be true.

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In an interview with Fortune magazine, Holmes discussed the obstacles and potential that these technologies provide in the remittance market.

Read Also: Ripple CEO Brad Garlinghouse Officially Releases Video On Hinman Docs, Appreciates XRP Community

MoneyGram CEO admitted that the existing banking system, which was created largely for domestic payments and business transfers, is a major impediment for remittance companies. As a result, MoneyGram investigated several alternatives to reduce remittance expenses and identified cryptocurrency as a potential answer. Last year, the company added a buy-and-sell feature to its smartphone app.

However, Holmes emphasized that user demand for fiat remains strong, and the majority of people choose not to own cryptocurrencies. He explained that when they get a crypto payment, people look for a straightforward route into traditional currencies.

MoneyGram’s XRP Experience

MoneyGram initially explored Ripple’s solution but experienced difficulties with translating XRP into local currencies. Partnerships with exchanges and market makers were required, which ultimately increased the costs of international remittances.

This stumbling block shows the challenges of converting cryptocurrency to fiat currencies in cross-border transfers. MoneyGram severed its collaboration with Ripple not long after the US Securities and Exchange Commission (SEC) filed lawsuit against Ripple.

Read Also: SBI CEO States what Impact Victory Against SEC Could Have On XRP Price and Ripple IPO

MoneyGram and XRP’s Stern Rival

Despite these challenges, MoneyGram has continued to seek novel solutions. The company is currently collaborating with Stellar blockchain (XLM) to make the stablecoin USDC purchase, storage, and withdrawal easier. This collaboration strives to meet the requirements of persons in inflation-affected countries.

Users in these regions can convert USDC to their native currency by storing it in digital wallets enabled by the Stellar ecosystem. However, the benefits of keeping USDC over standard US dollars are still being investigated, with possible fee reductions being a major factor.

Finally, Holmes’ interview highlights the continued efforts of remittance providers like MoneyGram to negotiate the crypto ecosystem. It also keeps looking for methods to increase cross-border payment efficiency.

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#XRPCommunity #SECGov v. #Ripple #XRP MoneyGram filed an unopposed Motion to Seal a few lines from a deposition transcript of an officer of MoneyGram containing nonpublic information related to MoneyGram's business strategies and operations. pic.twitter.com/mZsRqCcM6Z

— James K. Filan 107k (beware of imposters) (@FilanLaw) July 29, 2022

MoneyGram Sealing Request 

Per a Twitter update, MoneyGram has requested to seal specific parts of the parties’ July 12  filings in connection with the parties’ motions to exclude expert testimony.

The financial institution notes that revealing this information to the public could provide insights into the company’s business practices that competitors could exploit. 

Therefore, MoneyGram stresses that the privacy interests of innocent third parties linked to the Ripple-SEC lawsuit should be heavily considered in the overall litigation process. 

Related: Judge Torres Rules that John Deaton Will Continue To Represent 67,000 XRP Holders in Ripple-SEC Case

Part of the document reads;

“The limited redactions that MoneyGram requests are narrowly tailored to protect its highly confidential business information,” according to the letter.

“Indeed, public disclosure of this information would be highly detrimental because it would reveal to the public and MoneyGram’s competitors detailed information about MoneyGram’s internal and confidential business operations and strategic matters.”

As revealed in the letter submitted to Judge Analisa Torres on July 28, MoneyGram has also tendered a copy of the relevant excerpts from the transcript with the proposed redactions highlighted.  

While the court is yet to respond to this request, it is worth noting that both Ripple and the SEC have not opposed this sealing request from MoneyGram. 

Read Also: SEC Wants to Stop Legal Support From Attorney John E. Deaton and Other XRP Holders in the Ripple-SEC Lawsuit

More Third Parties Request to riSeal

In other news, James K. Filan, a defense lawyer, and former federal prosecutor announced a similar sealing request from an unidentified third party. 

This anonymous third party filed a motion to seal portions of exhibits to the Daubert Motions. The aim is to protect its confidential business information and the privacy of its current and former representatives. 

More so, the same unknown third party tendered a sealed letter addressed to District Judge Torres specifying the exact areas of its sealing requests, according to a source familiar with the matter.

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According to a report by Bloomberg, a number of companies in the financial industry are showing interest in acquiring the major money transfer service provider, MoneyGram International Inc.

Read Also: Stellar (XLM) Proposes Entirely New Method of Executing Smart Contracts

The report stated that Stellar Development Foundation, a cross-border payment firm based in San Francisco, is conjoining with the private equity firm, Advent, in the possible takeover.

The Deal Could Be Sealed By the End of the Month

According to the report, the development is not made official yet, it’s only a hint from people familiar with the matter. The takeover is not certain yet because the two firms could still decide not to press further.

However, if both firms decide to continue with their initial plans, the acquisition could play out by the end of the month. And it’s worthy of note that MoneyGram (NASDAQ: MGI) skyrocketed after the takeover plan was published by Bloomberg.

Read Also: Stellar Development Foundation Collaborates With DFS Lab to Bring African Startup to Stellar Blockchain

Ripple Had A Stake in MoneyGram

Stellar and Advent are not the only Blockchain-related firms to show interest in acquiring the money transfer giant, MoneyGram.

Back in 2019, Ripple, a US-based cross-border payment firm, acquired a stake in MoneyGram International Inc. It also invested relatively $30 million into the firm, which allowed the use of the xRapid product, XRP token, when making international transfers.

However, this relationship came to an abrupt end after the United States Securities and Exchange Commission (SEC) sued Ripple for the sale of XRP as an unregistered security.

Read Also: Visa and Mastercard Reaffirm Relationship with Binance despite Regulatory Scrutiny

MoneyGram was also quick to distance itself from Ripple by clarifying that it does not use the xRapid platform for transferring funds. This measure was taken by the firm to avoid any issues with the SEC in the future.

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