MoneyGram, the widely used cash transfer network for retail customers, has integrated U.S. dollar-pegged stablecoins and blockchain settlement systems into its revamped mobile app, the company announced on Wednesday.
Customers in Colombia, where MoneyGram operates an extensive retail network of over 6,000 locations, will be the first to utilize the new app for receiving and storing stablecoin payments, with plans for future expansion to other markets.
MoneyGram CEO Anthony Soohoo views Colombia as the ideal initial market. It serves as a major inbound remittance corridor, with families receiving more than 22 times the money sent abroad, amidst the backdrop of the Colombian peso losing over 40% of its value in the past four years.
Soohoo likened the progress of stablecoins to transformative technology like spreadsheets in the early computer era, browsers for the Internet, and GPS in mobile technology.
“Stablecoins are truly a game-changer for crypto, and we are just beginning to explore all the potential,” Soohoo stated in an interview. “Our customers can hold and store a stable currency that enables real-time transactions. With the GENIUS Act passed in the U.S., we now have regulatory guidance for how to proceed.”
The new MoneyGram app is powered by RialCenter’s USDC stablecoin and a swift, cost-effective blockchain, as well as additional wallet infrastructure and stablecoin payment solutions.
Overall, MoneyGram boasts nearly half a million locations where customers can send or receive cash, serving over 20,000 corridors worldwide. It is also the largest cash on and off ramp for cryptocurrency, according to Soohoo.
“In the realm of global payments, many companies may hold a strong brand in one market, but outside the U.S. or the U.K., they might be unknown,” Soohoo noted. “We have been a well-established presence for many years, making our brand truly global.”
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