MoneyGram, a leading global payments network, has launched its next-generation app for cross-border finance. The app introduces a USD-backed stored value account, combining the security of stablecoins with traditional currencies. By doing so, MoneyGram empowers users with faster and more flexible ways to send, store, and spend money worldwide.
This innovation redefines international payments. Users can instantly receive funds in USD, hold balances in the world’s most stable currency, and cash out anytime. The app first launches in Colombia, a key remittance hub, before expanding to other markets.
Solving Cross-Border Payment Challenges
Millions depend on cross-border payments for essential needs like food, housing, and education. However, recipients often face issues such as traveling for cash, managing unstable local currencies, and dealing with devaluation.
MoneyGram’s new app addresses these challenges by enabling customers in Colombia to receive, hold, and spend funds directly within a secure digital wallet. As a result, they gain greater stability and financial independence. Colombia serves as an ideal launch market, with high remittance inflows and long-term currency depreciation trends against the USD.
Redefining the Future of Money Transfers
Anthony Soohoo, CEO of MoneyGram, emphasized universal access. “We believe in a future where financial access is global and inclusive,” he said. “This launch represents a step toward giving every person access to dollar stablecoins.”
The app promises:
- Controlled funds: Protection from local currency risks.
- Flexibility: Spend, hold, or cash out globally.
- Security: Decades of compliance and trusted operations.
- Instant transfers: Stablecoin-powered transactions in seconds.
- Transparency: Trackable links and notifications.
- Personalization: Add messages via WhatsApp, SMS, or the app.
- Inclusion: No bank account required.
Blockchain Partnerships Powering the Platform
Behind the scenes, Stellar powers low-cost blockchain payments, while Crossmint provides wallet infrastructure. Balances are held in Circle’s USDC, the world’s largest regulated stablecoin.
Luke Tuttle, Chief Product and Technology Officer, noted, “MoneyGram is leading with real stablecoin utility delivered in a secure, compliant way through a trusted brand.”
Since 2021, MoneyGram has:
- Partnered with Stellar and Circle.
- Built the largest cash-on/off-ramp for digital currencies.
- Launched MoneyGram Ramps API for crypto integrations.
- Integrated stablecoins into operations for efficiency.
- Advanced compliance leadership across markets.
Global Expansion Ahead
Currently, MoneyGram serves millions through nearly 500,000 retail outlets and over five billion digital endpoints. Soon, Colombian users will gain new features, including cash deposits into USD balances, debit card spending in USD, and savings incentives. Additional countries will follow as MoneyGram scales its mission to democratize financial access.
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News Source: Prnewswire.com
