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MoneyGram pivots blockchain to speed and cut costs in remittances

MoneyGram said it is using blockchain for around the clock settlement and greater transparency, while keeping the tech invisible to customers.

Reported · Written up by our desk · Market Structure

MoneyGram CEO Anthony Soohoo said the company is applying blockchain in its cross-border remittance business primarily to modernize payments infrastructure, not to create a consumer-facing crypto feature.

Speaking in an interview with CoinDesk, Soohoo said MoneyGram’s strategy focuses on making remittances faster, cheaper, and more transparent, with customers largely unaware of the technology behind the service.

Soohoo linked the approach to remittance priorities like settlement speed and cost, noting that traditional cross-border transfers can take days and depend on banking hours and multiple intermediaries, which he said makes them cumbersome and expensive.

MoneyGram also said it is expanding beyond its long running partner Stellar, adding validator roles on Solana and Tempo, and viewing its MGUSD stablecoin as a way to build more financial products within the MoneyGram ecosystem.

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