MoneyGram unveils stablecoin-backed card as digital dollars move into everyday spending
MoneyGram has launched a stablecoin-backed card in Colombia, allowing users to spend USDC and eventually the company's own MGUSD token. The card integrates with mobile wallets and aims to bridge the gap between digital assets and traditional retail spending.
Why it matters
This move represents a significant step in the mainstream adoption of stablecoins for everyday financial transactions and cross-border remittances.
The MoneyGram Card will be first available in Colombia with plans to expand to other markets over the coming months, the company said on Thursday. Customers can sign up through MoneyGram's app, add the digital card to mobile wallets and spend online or in stores. They can also send money to themselves for cash pickup in local currency at MoneyGram locations.
The card will initially use Circle's USDC USDC $ 1.0008 stablecoin, with MoneyGram's own MGUSD token set to follow, the company told CoinDesk.
MoneyGram said it plans to introduce a physical version later this year that will also support ATM withdrawals. The card was developed with stablecoin payments firm Rain, wallet provider Crossmint and the Stellar blockchain.
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