MoneyGram, a leading global payments network for consumers, businesses, and communities, has unveiled its next-generation mobile app featuring a digital, USD-backed stored value account that integrates seamlessly with traditional fiat currencies and stablecoins. This innovation represents a pivotal shift in cross-border finance, empowering users previously limited by fragmented systems and volatile local currencies to utilize stablecoins for rapid, modern money movement and storage.
For millions worldwide, cross-border payments serve as essential support for family needs, education, housing, and business investments. However, recipients often face challenges like traveling for physical cash pickups and exposure to depreciating local currencies. MoneyGram's app transforms this by allowing instant receipt and storage of funds in a stable USD balance, giving users control over management and spending options.
Colombia serves as the launch market due to its status as a significant remittance hub, where inbound flows exceed outbound by over 22 times, and the Colombian peso has depreciated against the USD over the past decade. This setup provides a stable, trusted platform for recipients to handle funds independently.
"This is where MoneyGram – and money itself – is headed," said Anthony Soohoo, MoneyGram Chief Executive Officer. "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 app redefines money management with attributes tailored for global users: controlled storage in stable USD to mitigate devaluation risks; flexible options for holding, managing, and spending funds, including cash-outs at MoneyGram's retail network; secure operations grounded in decades of compliance and global trust; instant delivery via USD-pegged stablecoins, blockchain, and MoneyGram's network; transparent tracking with secure links and real-time notifications; personalized touches like message attachments via WhatsApp, SMS, or the app; and inclusive access requiring only a smartphone, no bank account necessary.
The backend leverages Stellar for efficient, low-cost payments; Crossmint for wallet infrastructure and stablecoin processing; and Circle's USDC, the world's largest regulated stablecoin, for customer balances. "We've always believed in doing the hard work to make things simple for the customer," said 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."
MoneyGram's stablecoin journey since 2021 includes partnerships with Stellar Development Foundation and Circle, development of the largest cash on/off-ramps for digital currencies, launch of MoneyGram Ramps API for compliant integrations, internal stablecoin adoption for efficiency, and a robust compliance framework.
With nearly 500,000 retail locations and over five billion digital endpoints, MoneyGram operates a premier payment network, now advancing stablecoin integration for seamless, affordable global transfers.
The app launches soon in Colombia on Apple App Store and Google Play, with a waitlist available. Future enhancements include adding cash to USD balances at retail, global spending via Visa or Mastercard debit cards without exchange fees, and deposit incentives through savings integrations. Additional markets will follow, advancing MoneyGram's goal of universal financial access.
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