AI · The Block
MoneyGram rolls out Visa stablecoin card as remittance rivals expand
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MoneyGram, the 86-year-old global payments company, has launched its first stablecoin-backed Visa card, initially available in Colombia.
Key facts
- MoneyGram said it serves more than 60 million active customers across more than 200 countries and territories and has nearly 500,000 retail locations
- The company has worked with stablecoins since 2021, when it partnered with Stellar Development Foundation to support cash-to- USDC and USDC-to-cash conversions through its network
- The Funding newsletter: Stay on top of the latest crypto VC funding and M&A deals, news, and trends with their free bi-monthly newsletter, The Funding
- The new MoneyGram Card supports USDC at launch, a company spokesperson told The Block, adding that the company plans to add support for MGUSD soon
Summary
The card lets eligible customers 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 company said Thursday. The card expands MoneyGram's stablecoin push beyond money transfers into everyday spending. The new MoneyGram Card supports USDC at launch, a company spokesperson told The Block, adding that the company plans to add support for MGUSD soon. Asked why MoneyGram does not call it a debit card, the spokesperson said, "The card is stablecoin-backed and is not a traditional bank account or fiat-currency balance.