MoneyGram Enters Crypto Space with Stablecoin-Backed Visa Card
MoneyGram has been helping people send money around the world for decades. Now, the company is expanding into cryptocurrency by launching its own stablecoin and a new Visa card linked to digital dollars.
The MoneyGram Card, developed with payments company Rain, allows customers to spend USDC anywhere Visa is accepted, including through Apple Pay and Google Pay. The virtual card is initially available in Colombia and will be expanded to other markets.
MoneyGram's crypto strategy began years ago when it partnered with the Stellar Development Foundation to connect its global cash network with USDC. This allowed customers to move between digital dollars and physical cash at participating locations.
The company has since launched its own dollar-backed stablecoin, MGUSD, on Stellar. Having its own stablecoin gives MoneyGram another way to build financial services around digital dollars rather than simply providing the bridge between crypto and cash.