- MoneyGram has launched a new mobile app using stablecoins and blockchain for money transfers.
- The rollout starts in Colombia, with plans to expand to more markets soon.
- Users in Colombia can receive and store U.S. dollar-pegged stablecoin payments through the app.
- The app is powered by Circle’s USDC stablecoin, the Stellar blockchain, and Crossmint wallet infrastructure.
- MoneyGram aims to provide a more stable and real-time settlement option for cross-border remittances.
MoneyGram has introduced a new digital app built on U.S. dollar-pegged stablecoins and blockchain technology. The company began offering the service in Colombia on Wednesday, focusing on allowing customers to receive and store their money in digital form.
According to official statements, Colombia is the first country to access this new mobile service, which integrates digitized cash settlement with stablecoins to help families manage international remittances. MoneyGram reported that its retail network in Colombia includes over 6,000 locations.
Anthony Soohoo, CEO of MoneyGram, said Colombia was chosen as the test market due to its large inflows of money from overseas. Soohoo noted that families in Colombia receive more than 22 times the amount sent abroad, and the local currency has lost over 40% of its value in the past four years. He added, “Stablecoins really are the killer app for crypto and I think we’re just at the dawn of all the possibilities. Our customers are able to hold and store a currency that is stable and allows for real time settlement.”
The app is powered by Circle’s USDC stablecoin—a digital currency fixed to the value of the U.S. dollar—along with the Stellar blockchain, which is known for being fast and inexpensive, and Crossmint, a stablecoin wallet infrastructure provider. With close to 500,000 global locations, MoneyGram plans to use its reach to connect more people to digital cash solutions.
Soohoo said that while many payment firms have strong brands in single markets, MoneyGram‘s name is known worldwide. The company claims to be the largest way for customers to move cash into and out of cryptocurrencies, serving over 20,000 payment routes across the globe.
The new app launch follows recent progress in U.S. regulation of digital assets, including the GENIUS Act, which provides a framework for the use and control of stablecoins.
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