MoneyGram Debuts Stablecoin Card for Everyday Spending
MoneyGram is expanding its stablecoin offerings with a new card that lets customers hold a U.S. dollar-denominated balance and spend it anywhere Visa is accepted.
The MoneyGram Card will initially be available in Colombia, with plans to expand to other markets over the coming months. Customers can sign up through MoneyGram's app, add the digital card to mobile wallets, and spend online or in stores. They can also send money to themselves for cash pickup in local currency at MoneyGram locations.
The card will initially use Circle's $USDC stablecoin, with MoneyGram's own MGUSD token set to follow. A physical version of the card is planned for later this year and will also support ATM withdrawals.
MoneyGram developed the card with stablecoin payments firm Rain, wallet provider Crossmint, and the Stellar blockchain. The move coincides with stablecoins becoming increasingly visible in everyday finance, with $1.1 billion in stablecoin volume surpassed in August, according to PaymentScan data.