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MoneyGram launches a stablecoin-backed Visa card in Colombia
The card supports USDC at launch and will later add support for MoneyGram's MGUSD stablecoin, which the company says is designed for use across its network.
MoneyGram has launched its first stablecoin-backed Visa card in Colombia, expanding its stablecoin push beyond money transfers into everyday spending, according to The Block.
The card, developed with Rain, allows eligible customers to hold a stable-dollar balance, use the card where Visa is accepted, and transfer funds from their MoneyGram balance to pick up local currency at MoneyGram locations. The offering is available digitally inside the MoneyGram app, with sign-up, balance management, and options to add the card to mobile wallets for online and tap-to-pay purchases.
At launch, the card supports USDC, and MoneyGram plans to add support for its MGUSD stablecoin in the near future, a company spokesperson told The Block. MoneyGram said the company has worked with stablecoins since 2021, including a partnership with Stellar Development Foundation for cash-to-USDC and USDC-to-cash conversions through its network.
MoneyGram said it serves more than 60 million active customers across more than 200 countries and territories and has nearly 500,000 retail locations. Colombia is the first active market, and the company plans to expand initially across Latin America, it said, with eligibility requiring customers to complete MoneyGram's know-your-customer process.