The collaboration marks a significant step in MoneyGram’s strategy to evolve from a traditional remittance provider into a global peer-to-peer network. The new app leverages Circle’s USDC stablecoin, running on the Stellar blockchain, with Crossmint providing the underlying wallet and stablecoin payments infrastructure.
The initial launch in Colombia targets a major inbound remittance corridor where, according to MoneyGram, the Colombian peso has lost over 40 per cent of its value in the past four years. The new service allows senders in the U.S. to send funds in USD, which are then converted to USDC and delivered instantly to a Crossmint-powered smart wallet within the recipient’s MoneyGram app.
This gives recipients the ability to hold their savings in a dollar-backed stablecoin, protecting them from local currency devaluation. They can then choose to cash out their funds in Colombian pesos when convenient through MoneyGram’s network of more than 6,000 locations across the country.
“This is where MoneyGram – and money itself – is headed,” said Anthony Soohoo, MoneyGram chief executive officer. “We believe in a future where financial access is universal and no one gets left behind. Built for global scale, this launch is the first step toward a world where every person, everywhere, has access to stable, digital dollars.”
Future features planned for the app include the ability for users to spend their USDC balance globally with linked Visa or Mastercard debit cards and to earn incentives on deposits through integrated savings options.
MoneyGram selected Crossmint to provide an end-to-end platform that abstracts away the complexities of blockchain technology, such as managing private keys and gas fees. According to the announcement, this allowed MoneyGram to bring the product to market faster without needing to hire blockchain engineers or manage multiple vendors.
“Crossmint has been instrumental in accelerating our stablecoin strategy. Their enterprise-grade platform allowed us to move quickly, cut out multiple vendors, and bring this product to market faster — backed by hands-on guidance that simplified every stage of the rollout,” said Josh Bivins, director of product at MoneyGram.
Crossmint’s platform provides smart wallets with programmable controls, end-to-end orchestration for stablecoin flows, and enterprise-grade security and compliance features, including built-in AML screening and KYC flows.
“MoneyGram is one of the world’s most trusted names in financial services, and this partnership demonstrates the power of combining MoneyGram’s global network with our wallet infrastructure,” said Rodri Fernandez Touza, co-founder of Crossmint. “Together, we’re making stablecoins practical for everyday use — so people can move, hold, and spend money faster, cheaper, and more securely than ever before.”
The new app will soon be available in Colombia, with plans to expand to additional markets across Latin America in the near future.
Read more on The Fintech Times
