MoneyGram Rolls Out Stablecoin-Backed Card in Colombia
MoneyGram, a global financial services company, has launched its stablecoin-backed card in Colombia. The MoneyGram Card allows users to hold a stable-dollar balance in the app and spend at merchants that accept Visa.
The digital card can be added to Apple Wallet or Google Wallet for contactless payments and online purchases. Users can also transfer funds from their MoneyGram balance and pick up local currency at a participating retail location.
MoneyGram has partnered with Rain, which provides the card infrastructure, and Crossmint, which offers wallet capabilities, to develop the product. The MoneyGram Card operates on the Stellar network and converts a stable-dollar balance into a payment instrument that works online, in stores, and for cash access.