MoneyGram Enters Stablecoin Debit Market with Visa Partnership

MoneyGram has introduced a new Visa-branded stablecoin debit card, called MoneyGram Card. This move comes weeks after Western Union announced its own Stablecard, also in partnership with Visa's infrastructure provider Rain. The MoneyGram Card will initially be available as a virtual card in Colombia and can be used through Apple Wallet or Google Wallet.

The company plans to introduce physical cards later this year as it expands into more markets. MoneyGram is working closely with Rain on the new card, which follows its June launch of the MGUSD stablecoin on Stellar. This expansion marks a deeper push into blockchain-based cross-border payments for the company.

Western Union's Stablecard was announced last month and also utilizes infrastructure from Rain. The World Bank has highlighted stablecoins as a key tool in reducing remittance costs, with debit cards currently being the lowest-cost option at 3.61% of transmitted amounts.