MoneyGram becomes Solana validator, joins developer platform

MoneyGram has entered the Solana ecosystem by becoming a validator and joining the Solana Developer Platform, extending its use of blockchain infrastructure in global payments. CEO and Chairman Anthony Soohoo said Solana is the third network where MoneyGram operates an official validator, alongside Tempo and the Midnight Network. Running a validator lets the company stake SOL tokens, process transaction blocks and help secure and support network performance, while the developer platform provides tools to build financial products on Solana with institutions including Mastercard. The move builds on several blockchain initiatives already underway at MoneyGram. Its MGUSD stablecoin was built with partners including Stripe-owned Bridge, Crossmint, Fireblocks, M0 and Stellar. Soohoo said MoneyGram and Stellar have launched stablecoin cash on- and off-ramps, the MoneyGram Ramps API and in-app stablecoin balances since 2021. The company also recently expanded its off-ramp services through a partnership with crypto exchange Kraken. Soohoo said MoneyGram sees blockchain as infrastructure for faster, simpler and more accessible money movement rather than an end in itself. The company also previously worked with Ripple, using RippleNet and XRP-based On-Demand Liquidity (cross-border settlement product) after a 2019 partnership. That relationship ended in 2021 after the SEC (U.S. securities regulator) sued Ripple over an alleged $1.3 billion unregistered securities offering through XRP sales. The case was finally resolved late last year, leaving in place a 2023 ruling that XRP itself is not inherently a security, that exchange sales did not violate securities laws, and that Ripple's direct institutional sales did violate federal securities laws. Asked whether MoneyGram could partner with Ripple again, Soohoo said, "We are not in a position to comment on any future partnership arrangements."