MoneyGram Integrates Stablecoins as Core Technology in Next-Gen Payment App

MoneyGram, the global money transfer network, has announced that U.S. dollar-pegged stablecoins and blockchain settlement infrastructure will form the digital foundation of its upgraded mobile application. The company revealed on Wednesday that Colombian customers, where MoneyGram operates across 6,000+ locations, will be first to access the new app for receiving and storing stablecoin payments, with imminent expansion to additional markets. CEO Anthony Soohoo identified Colombia as the perfect launch market due to its significant inbound remittance corridor, where families receive 22 times more money than they send abroad, coupled with the Colombian peso losing over 40% of its value in four years. Soohoo compared stablecoin adoption to transformative technologies like spreadsheets for PCs, browsers for the internet, and GPS for mobile devices. "Stablecoins represent the killer application for cryptocurrency," Soohoo stated in an interview. "Our customers can now hold stable currency with real-time settlement capabilities. With the GENIUS Act providing regulatory clarity in the U.S., we have a clear framework for operation." The new MoneyGram app utilizes Circle's USDC stablecoin, the Stellar blockchain for fast, low-cost transactions, and Crossmint's wallet infrastructure. With nearly 500,000 global locations for cash transactions and services across 20,000+ remittance corridors, MoneyGram also positions itself as the largest crypto cash on/off ramp worldwide. "While many payment companies have strong regional presence, MoneyGram maintains truly global brand recognition beyond major markets like the U.S. and U.K.," Soohoo emphasized.