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MoneyGram Introduces USDC-Powered Digital Wallet Service in Colombia

MoneyGram Introduces USDC-Powered Digital Wallet Service in Colombia

According to MoneyGram, the new service allows Colombians to save and transfer USDC stablecoins digitally, reducing reliance on cash as the peso weakens.

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Fact Check
The statement is strongly confirmed by multiple credible sources. A Circle report (Source 4) states that MoneyGram launched a USDC-powered digital wallet in 2024. A recent CoinDesk article (Source 6) quotes MoneyGram's CEO explicitly naming Colombia as the 'ideal launch market.' Furthermore, MoneyGram's own website (Source 1) details the service's availability in Colombia, allowing users to manage USDC in its app.
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Summary

MoneyGram announced the launch of its digital payments app in Colombia, enabling users to store and transfer USDC stablecoins through the Stellar network with Crossmint self-custody support. The company calls Colombia the ideal launch market, noting that local families receive over 22 times the money they send abroad. The app eliminates the need to physically visit MoneyGram locations for most transfers, allowing users to hold funds in USDC and withdraw in pesos only when needed. MoneyGram also hinted at future savings incentives within the app. The service is available on the Apple App Store and Google Play Store, with users required to join a waitlist for account approval.

Terms & Concepts
  • USDC (USD Coin): A stablecoin pegged to the US dollar, issued by Circle, designed to maintain a stable value and enable fast digital transactions.
  • Stellar Blockchain: A decentralized, open-source payment network designed for fast, low-cost cross-border transactions.
  • Stablecoin: A type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset such as a fiat currency.