Payment network MoneyGram has launched a new app enabling consumers, businesses, and communities to send and receive funds in US dollar stablecoins, aiming to simplify global cross-border money transfers and democratise access to financial services.
The app utilises US dollar-backed digital value accounts, designed to work seamlessly with both traditional currencies and stablecoins. Customers can receive funds instantly into a secure US dollar balance, hold those funds in a stable currency, and withdraw or spend them at their convenience. Customer balances are held in Circle’s USDC, currently the world’s largest regulated stablecoin.
According to MoneyGram, the app is intended to empower consumers who have previously been restricted by fragmented systems and local currencies, allowing them to leverage stablecoins for fast, efficient cross-border transfers.
Developed in collaboration with blockchain specialist Stellar and stablecoin payments platform Crossmint, the app initially launched in Colombia. Users in the region can download the app from the Apple App Store and Google Play Store, with MoneyGram planning to expand into additional markets.
The company identified Colombia as an ideal launch market, describing it as “an important inbound remittance corridor where families receive more than 22 times the money they send abroad and where the exchange rate has depreciated against the US dollar over the past decade.” According to World Bank data, Colombia is one of the largest recipients of remittances in Latin America, with remittance inflows playing a significant role in the local economy.
Anthony Soohoo, the chief executive officer at MoneyGram, said the launch represents “the first step” towards a world where everyone can access dollar stablecoins.
“We have always believed in doing the hard work to make things simple for the customer,” added Luke Tuttle, MoneyGram chief product and technology officer. “As financial technology evolves, MoneyGram is once again leading the way, delivering real stablecoin utility in a safe, secure and compliant way through a brand consumers trust.”
With nearly 500,000 retail locations and over five billion digital endpoints, MoneyGram operates one of the most advanced and accessible payment networks in the world.
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