About destination tags or memos

The destination tag or memo is important for cryptocurrency transactions like USDC on XLM. The memo tag is additional information to identify and associate the transaction with a specific recipient beyond the wallet address.

Is this memo important?

In cryptocurrency transactions, the memo tag is important in ensuring the funds you send reach the correct recipient and serve their intended purpose. Including a memo tag is like adding a specific identifier to your transaction, making it easier for the recipient to recognize and understand the purpose of the funds they've received.

Which cryptocurrencies use Destination Tag technology?

The following cryptocurrencies use destination tag technology:

Selling on stellar chain through MoonPay

When utilizing MoonPay for cryptocurrency transactions, specifically when dealing with assets like USDC on XLM or XLM within the Stellar chain, it's required to include a memo tag. There are important considerations to keep in mind when selling your assets on the Stellar chain through MoonPay:

• You need a memo tag to transact with cryptocurrencies like USDC on XLM or XLM in the Stellar Chain. Some wallets may show the memo as optional, but we require this when sending your deposit.

• When you finish selling on MoonPay, you'll see the memo tag under the wallet address. It's a unique identifier essential for directing your funds accurately.

Copy the displayed memo tag during the finalization of your sell order. When withdrawing or sending crypto from your wallet, you must include this memo tag.

• If you have trouble figuring out where to put the memo tag in your wallet when you withdraw or sell cryptocurrency, please ask your wallet provider for help. You might lose crypto if you don't include the memo tag when withdrawing. In such cases, we may not be able to proceed with your sale or recover the lost cryptocurrency.