MoneyGram is reinventing cross-border payments with the launch of its next-generation mobile app, integrating a digital USD-backed stored value account designed to work seamlessly with both fiat currencies and stablecoins. The move positions the 90-year-old global payments network at the forefront of fintech innovation, bridging the gap between traditional remittances and modern digital finance.

The app, debuting first in Colombia, enables customers to receive funds instantly in a secure USD balance, store them in a stable currency, and cash out or spend globally without the friction of local currency volatility. In a market where remittances often arrive as cash and local currencies can depreciate rapidly, this is a transformative shift.

Redefining Remittances

For millions worldwide, sending money home is more than convenience—it’s a lifeline. Yet recipients frequently face challenges: traveling to pick up cash, dealing with declining local currency values, and limited options to manage funds digitally. MoneyGram’s app addresses these issues by providing a stable, trusted environment for recipients to control, manage, and spend their money with unprecedented flexibility.

Colombia, a key inbound remittance corridor, is the ideal launch market. Families there receive over 22 times more money than they send abroad, and the Colombian peso has historically depreciated against the U.S. dollar. By holding funds in USD-backed stablecoins, users can preserve value and sidestep exchange-rate headaches—a compelling value proposition for remittance-dependent households.

Features Built for the Digital Era

The app’s feature set highlights both convenience and security:

• Controlled: Funds stored in USD stablecoins to prevent local currency depreciation.
• Flexible: Users can cash out at MoneyGram retail locations or spend globally.
• Secure: Decades of regulatory compliance underpin blockchain-based transactions.
• Instant: Payments settle in seconds using USD-pegged stablecoins.
• Transparent: Trackable transactions with real-time notifications.
• Personalized: Messages and money move together via app, WhatsApp, or SMS.
• Inclusive: Open to anyone with a smartphone, no bank account needed.

Powered by Stellar blockchain for speed and low fees, and Circle’s USDC stablecoin, the app also leverages Crossmint wallet infrastructure to ensure real-world utility.

Strategic Implications

MoneyGram’s move into stablecoin-based remittances signals a broader industry shift. As stablecoins gain mainstream adoption, traditional payments networks are under pressure to modernize or risk losing market share to crypto-native rivals and digital-first fintech platforms. MoneyGram’s combination of global reach—nearly 500,000 retail locations and over five billion digital endpoints—and blockchain innovation positions it as a serious contender in this evolving landscape.

Since 2021, MoneyGram has built a developer-focused ecosystem that integrates stablecoins into both consumer offerings and internal operations, launched the largest cash on/off-ramp network for digital currencies, and maintained robust compliance and regulatory leadership. The app is an extension of this strategy, demonstrating practical, consumer-facing stablecoin utility.

Looking Ahead

The app will soon be available for download on the Apple App Store and Google Play Store in Colombia, with additional features to follow:

• Deposit cash into USD balance via retail locations
• Spend online or in-person with linked Visa or Mastercard debit cards
• Earn incentives through integrated savings options

Global expansion plans are underway, reinforcing MoneyGram’s goal of democratizing financial access and redefining the way money moves across borders.