MoneyGram, a global remittance service provider, has launched a full-scale blockchain payment system and begun supporting dollar stablecoins. The service will initially be available in Colombia, with plans to expand to emerging markets, including Central and South America.
MoneyGram is known for its fast and affordable international remittance service, allowing users to send money quickly and inexpensively without using a bank account or traditional financial network. The newly launched app supports USDC, a US dollar-backed stablecoin, the blockchain network Stellar, and Crossmint, a digital asset payment infrastructure provider. This is expected to significantly improve user convenience, offering lower fees and faster settlement speeds compared to existing remittance methods.
MoneyGram's choice of Colombia as its first launch location is particularly relevant given the high demand for dollar-based payments in emerging markets and the significant population lacking access to banking services. Stablecoin-based remittances are expected to expand financial inclusion by offering financial services leveraging dollar assets even to users without bank accounts.
Industry insiders believe that by combining MoneyGram's global remittance network with blockchain technology, it will serve as a crucial bridge between traditional finance and the digital asset market. With competition intensifying to adopt blockchain technology in the global remittance market, MoneyGram's move is expected to have a significant impact on other remittance companies.
