MoneyGram Launches App for Stablecoins and Fiat in Colombia Trial

MoneyGram is introducing a digital custody app to manage both traditional fiat currencies and stablecoins, starting with a trial in Colombia. This initiative leverages the high volume of remittances received in Colombia, often in USD.

The app utilizes Stellar and Crossmint blockchain technology, with balances held in Circle's USDC.
It primarily functions as a cross-border remittance tool rather than a comprehensive digital wallet.
Support for cryptocurrencies other than USDC is limited.

This launch marks MoneyGram's strategic entry into the digital finance sector by integrating stablecoin transactions within its existing customer base.