MoneyGram Unveils Stablecoin-Backed Visa Card in Colombia
MoneyGram has launched its first stablecoin-backed Visa card in Colombia, marking an expansion of its stablecoin push into everyday spending. The card is backed by USDC and allows eligible customers to hold a stable-dollar balance, use the card where Visa is accepted, and transfer funds from their MoneyGram balance to pick up local currency at MoneyGram locations.
The new MoneyGram Card supports USDC at launch and will soon add support for MGUSD, the company's own dollar-pegged stablecoin. Developed in collaboration with Rain, Crossmint, and the Stellar network, the card is available digitally inside the MoneyGram app and can be added to mobile wallets for online and tap-to-pay purchases.
Colombia is the first market where the card is available, and MoneyGram plans to expand it across Latin America in the near future. To be eligible for the card, customers must complete MoneyGram's know-your-customer process.