MoneyGram Unveils Visa Card Backed by Stablecoins for Mainstream Spending
MoneyGram has launched a new Visa card backed by stablecoins, marking a significant step towards mainstream adoption of digital assets. The MoneyGram Card allows customers to hold a dollar-denominated balance and spend it anywhere Visa is accepted.
The card runs on Circle's USDC stablecoin at launch, with MoneyGram's proprietary MGUSD token to be integrated in a later update. A physical version of the card will be released later this year, adding ATM withdrawal capability. Customers can sign up for the card through the MoneyGram app and use it for online purchases or contactless in-store payments.
The product was developed in partnership with stablecoin payments firm Rain, digital wallet provider Crossmint, and the Stellar blockchain network. MoneyGram's CEO Anthony Soohoo stated that the new card gives customers 'more freedom and control to manage their money, all in one place.'