Stablecoin Spending in Colombia
MoneyGram launches a stablecoin-linked Visa card in Colombia for everyday digital spending.
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Key Points
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Customers must complete MoneyGram’s know-your-customer process and be located in an active market to qualify for the card; the company said Colombia is currently the only active market and declined to name specific countries for its planned Latin American expansion.
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MoneyGram said it serves more than 60 million active customers across more than 200 countries and territories, supported by nearly 500,000 retail locations.
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MoneyGram’s CEO, Anthony Soohoo, said the launch is intended to give customers “more freedom and control to manage their money, all in one place.”
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The company said the card is not a traditional debit card because it is backed by stablecoins rather than a bank account or fiat-currency balance.
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MoneyGram’s stablecoin work predates the new card: it began supporting cash-to-USDC and USDC-to-cash conversions through its network in 2021 in partnership with the Stellar Development Foundation.
MoneyGram has launched a Visa card that lets customers spend stablecoin balances online, in stores, and across borders. The digital card works through the MoneyGram app in Colombia and can be added to Apple Wallet or Google Wallet. U.Today reported the card is built on the Stellar blockchain network and currently supports Circle's USDC stablecoin.
The card gives MoneyGram customers a new way to use cryptocurrency for everyday purchases. CEO Anthony Soohoo said the launch aims to give customers "more freedom and control to manage their money, all in one place." Finance Feeds noted that a physical card with ATM access is planned later this year, with broader expansion expected across Latin America.
How the MoneyGram Card Works
Customers hold stablecoin balances that they can spend directly through the virtual card. The card appears in Apple Wallet or Google Wallet for contactless payments. Crypto Times reported customers can also transfer funds for local-currency pickup at MoneyGram's 500,000 retail locations worldwide.
The card is not a traditional debit card because it runs on stablecoins rather than a bank account or fiat-currency balance. Customers must complete MoneyGram's know-your-customer verification process to qualify. Currently, only customers in Colombia can access the card, though Market Screener noted MoneyGram plans worldwide expansion for eligible customers.
Stablecoins Behind the Card
The card currently supports Circle's USDC stablecoin. MoneyGram plans to add its own MGUSD stablecoin, which launched on Stellar in June. U.Today explained the project was built with partners Rain, Crossmint, and the Stellar Development Foundation.
MoneyGram's blockchain work goes back years. The company began supporting cash-to-USDC and USDC-to-cash conversions through its network in 2021 with Stellar. This new card extends that strategy from remittances into everyday spending and purchases.
Why Colombia First, Latin America Next
MoneyGram chose Colombia as its launch market because of strong remittance flows and customer demand for dollar-denominated balances. The company serves over 60 million active customers across 200 countries and territories. Finance Feeds reported that Latin America is the focus for broader expansion, though the company declined to name specific countries beyond Colombia.
The move mirrors Western Union's recent stablecoin-card rollout. Both companies see opportunity in connecting cryptocurrency to traditional card networks. MoneyGram's shift from remittances into everyday spending positions it to capture a growing market of crypto-savvy customers in Latin America.
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