MoneyGram has unveiled a mobile app, introducing a digital, USD-backed stored value account designed to work with both traditional fiat currencies and stablecoins. Customers will receive funds instantly into a secure USD balance, store those funds and cash out or spend.
It will first launch in Colombia.
For millions of people around the world, sending money across borders is a lifeline, yet in many regions, receiving that support still means travelling to pick up physical cash, carrying around large amounts of local fiat currency and watching that currency steadily lose value over time.
In Colombia, MoneyGram customers can instantly receive and hold funds in the app. It’s a major inbound remittance corridor where families receive more than 22 times the money they send abroad, and where the exchange rate has tended to depreciate over the last decade against the U.S. dollar.
“This is where MoneyGram – and money itself – is headed,” said CEO Anthony Soohoo. “We believe in a future where financial access is universal, and no one gets left behind. Built for global scale, this launch is the first step toward a world where every person, everywhere, has access to dollar stablecoins.”
The stablecoin uses Stellar and Crossmint, a wallet infrastructure and stablecoin payments platform. Customer balances are held in Circle’s USDC.