MoneyGram Unveils Stablecoin-Backed Visa Card

MoneyGram has launched its first stablecoin-backed Visa card, the MoneyGram Card, which is underpinned by the USDC (USDC +0.00%) stablecoin developed and managed by Circle Internet Group (CRCL +5.77%). This move is seen as a significant development for the wider stablecoin ecosystem.

The MoneyGram Card is designed to facilitate cross-border payments, which are typically made from people in economically advantaged countries to associates in less prosperous ones. Stablecoins like USDC offer a solution to traditional payment methods by providing instant and near-frictionless transactions anywhere in the world.

The card's functions match those of a traditional debit card, allowing users to send payments to anywhere MoneyGram operates and pick up funds in local currency. The company promises a smooth experience with the card, which is managed in partnership with Rain, Crossmint, and Stellar.