Key Takeaways:
- MoneyGram Stablecoin App lets users send, receive, and hold USDC.
- Launched first in Colombia, it also offers a hedge against local currency depreciation and instant settlement.
- The app is powered by Stellar blockchain and Crossmint’s wallet infrastructure.
Table of Contents
MoneyGram Atablecoin App: New Age for Cross-Border Payments
The recently launched MoneyGram stablecoin app completely transforms how money moves across borders. Rather than relying on slow and expensive traditional methods, users can now receive funds immediately into a secure USD-backed stored value account embedded in its next-generation app.
This new stablecoin cross-border experience represents true progress for recipients from around the world. Launching first in Colombia (where the local peso has depreciated significantly), it will allow users to store their value in a trusted dollar-denominated asset, for instance, USDC, and cash out at their convenience. The firm has plans to expand to additional markets in the near future.
Addressing Actual Challenges
This is not just a tech experiment; it resolves a pain point. For millions, being able to receive remittances meant needing to travel to physically receive cash; at the same time, its value erodes due to inflation. MoneyGram’s solution provides a predictable store of value, maintains financial control, and enhances security. Working with Crossmint provides the necessary wallet infrastructure, abstracting blockchain complexities away, giving a great customer experience, as anyone would expect to use in a mobile banking application.
Read also: PayPal’s “Pay with Crypto” Feature Goes Live: 100+ Tokens Now Accepted by U.S. Merchants
Planned Path to Rollout and Future Design
The selection of Colombia as a launch market is purposeful, given its prominent remittance corridor. The company has begun preparing customers for the platform on a waitlist basis and plans to roll it out quickly with Ohio-based MoneyGram partners in other markets. Future features include customer cash adding abilities through MoneyGram’s network of retail stores and the ability to spend cash anywhere in the world using a linked debit card. In essence, MoneyGram is not out to simply send remittance payments, but rather be the way into a global economy of digital dollars.
Mainstream Utility For Realized
MoneyGram stablecoin app entry point signals an important milestone in the acceptance of dollar-backed assets. It establishes a tangible mass-market use case with real-world benefits compared to traditional financial (TradFi) counterparts. Through existing brand trust, MoneyGram helps onboard users into digital dollars to create the example of how crypto can achieve real-world utility and growth on a global scale.
Final Thought: If a legacy giant like MoneyGram is wagering its future on stablecoins, is the idea of an era of crypto as a niche asset officially over?
FAQs
What stablecoin does the app utilize?
The MoneyGram stablecoin application enables users to use Circle’s USDC, a 1:1 regulated stablecoin pegged to the U.S. dollar.
Is it necessary to have a bank account to use the MoneyGram stablecoin app?
No. Importantly, the MoneyGram app is very inclusive. Anyone with a smartphone can use it and does not need a traditional bank account.
How does it protect against devaluation?
When you receive funds, the funds are held and received in USDC, which is dollar-backed, thus protecting the user from the problems associated with devaluation of their local currency.
For more stablecoin solutions, read: PayPal Expands PYUSD to Stellar: $1B Stablecoin Targets Global Payments
