Crypto
MoneyGram Launches Stablecoin-Backed Visa Card in Colombia
MoneyGram has launched a digital Visa payment card in Colombia that's backed by stablecoins. The card, available to eligible users through MoneyGram's mobile app, allows customers to hold a dollar-denominated balance and spend at merchants that accept Visa.
The digital card can be added to Apple Wallet or Google Wallet for contactless payments and is supported by Circle's USDC. MoneyGram plans to add its own dollar-pegged token, MGUSD, on the Stellar network in the future.
According to MoneyGram, this product is not a traditional debit card tied to a fiat bank account but rather a way to give customers more control over their dollars. The company aims to expand beyond Colombia first in Latin America and then globally.