MoneyGram expands on Solana with global crypto-to-cash service
MoneyGram has integrated its 'Ramps' service with the Solana blockchain, allowing users to convert digital assets into local cash across its global network. This move aims to facilitate easier cross-border remittances by bridging traditional financial infrastructure with stablecoin technology.
Why it matters
This integration represents a significant step in mainstreaming blockchain technology for everyday financial services, reducing reliance on traditional correspondent banking systems.
The company said Tuesday that MoneyGram Ramps has become available to wallets, exchanges and developers building on Solana. The service lets users convert cash into digital assets or cash them out through MoneyGram's payment network without each crypto app having to build its own connections to banks and cash outlets.
The service allows someone holding crypto in a supported wallet to turn it into local currency using MoneyGram's network. Users can also deposit cash to access digital assets. Ramps supports cash deposits in more than 25 countries and withdrawals across more than 170 countries and territories, the firm said.
The move comes as stablecoins are increasingly being used beyond crypto trading, in payments and remittances. Fintechs, banks and payment companies are increasingly experimenting with dollar-pegged tokens to move money across borders without relying on chains of correspondent banks.
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