Moneygram, the ubiquitous send and receiving cash network to retail customers, has made us dollar-pegged stablecoins and blockchain settlement rails The digital backbone of its renewed mobile app, the company said Wednesday.
Customers in the Latin American country Colombia, where Moneygram has a comprehensive retail network of over 6,000 locations, will be the first to use the new app to receive and store stablecoin payments with plans to expand to additional markets in the near future.
Colombia is the ideal launch market, says Moneygram CEO Anthony Soohoo. It is a large in -depth transfer corridor where families receive more than 22 times the money they send abroad and where the Colombian peso has lost over 40% of its value in the last four years.
When it comes to the promotion of stableecoins, Soohoo compares this to other killer apps like the humble spreadsheet that was adopting in the early PC era or what the browser did for the Internet or GPS and mobile phones.
“Stableecoins are really the killer app for Krypto, and I think we’re right at dawn of all the options,” Soohoo said in an interview. “Our customers are able to keep and store a currency that is stable and enables real -time settlement. And with the brilliant law passed in the US, we now have a framework for how it will be regulated and how we can work with it.”
Under the hood, the new Moneygram app is operated by Circle’s USDC StableCoin and Stellar, the fast and cheap blockchain, as well as crossmint, a wallet infrastructure and stableecoin payments platform.
When you step back, Moneygram has close to half a million places where customers can pick up cash or send money, Soohoo said. As a transfer provider, it serves over 20,000 corridors around the world. Moneygram also happens to happen to the biggest cash to and from ramp to crypto, soo -hook added.
“When you talk about global payments, there are many companies that may have a presence and a strong brand in a market, but when you leave the US or Britain, for example, nobody knows about them,” Soohoo said. “We have been around for many years now and our brand is really global.”
