MoneyGram Unveils Stablecoin-Backed Visa Card with USDC

MoneyGram has launched its first stablecoin-backed Visa card, called the MoneyGram Card. The card is underpinned by USDC (CRYPTO: USDC), a stablecoin developed and managed by Circle Internet Group (NYSE: CRCL). This move is seen as a positive development for USDC and the wider stablecoin ecosystem.

The MoneyGram Card has been designed to facilitate cross-border payments, which are typically done through remittances. By using USDC, users can make instant and near-frictionless transactions anywhere in the world, avoiding challenges such as sharp exchange-rate moves and slow transaction settlement times.

According to MoneyGram's CEO Anthony Soohoo, the card 'builds on the power of our global payments network, bringing a stable-dollar balance, everyday spending and cash access into the MoneyGram experience customers already use and trust.' The card is managed in partnership with Rain, Crossmint, and Stellar.