MoneyGram’s digital funds app is about to launch in Colombia, providing locals a solution to save in US greenback stablecoins because the Colombian peso continues to weaken.
MoneyGram’s crypto service is powered by the Stellar community and leverages Crossmint for self-custody, enabling customers to retailer the USDC (USDC) stablecoin and switch it abroad practically immediately.
In a press release on Wednesday, MoneyGram mentioned Colombia is the “perfect launch market” as Colombian households obtain greater than 22 occasions the cash they ship overseas.
“For hundreds of thousands of individuals world wide, sending cash throughout borders is a lifeline: supporting family members again residence, masking necessities like meals, housing and schooling, and enabling investments in companies and long-term monetary stability. ”
Say hiya to a brand new solution to obtain cash 💸📲
Introducing the next-generation MoneyGram® app:
🔔 Immediately obtain worldwide transfers with real-time notifications
💲 Select to transform funds into digital {dollars} for stability, or withdraw money at a MoneyGram location
🔒… pic.twitter.com/E0CIn5QTup— MoneyGram (@MoneyGram) September 17, 2025
The combination will save locals the necessity to enter MoneyGram’s bodily shops to obtain funds and choose up the bodily money, as they will now retailer it as USDC within the app.
This presents them a extra secure forex to retailer their funds, as Colombian pesos have fallen practically 12% towards the greenback since early April, Google Finance knowledge exhibits.
Customers will solely must attend MoneyGram places after they need to swap the USDC for Colombian pesos and withdraw it for spending.
MoneyGram additionally famous that customers might be able to earn incentives on deposits by its built-in financial savings choices within the close to future.
MoneyGram’s crypto service is launching on the Apple App Retailer and Google Play Retailer, although Colombians should first be a part of a waitlist to have their accounts accepted.
Associated: Bitwise information for stablecoin, tokenization ETF with US SEC
The Western Union competitor has 500,000 retail places world wide, and claims to have greater than 5 billion “digital endpoints,” making it some of the accessible digital fee networks on this planet.
USDT nonetheless stablecoin king in Colombia, native says
A member of a Colombian Bitcoin Telegram group, José Luis Garcia, instructed Cointelegraph that Tether (USDT) transfers nonetheless dominate native crypto exercise, notably through crypto trade Binance’s peer-to-peer platform.
El Dorado P2P is one other generally used app in Colombia that permits customers to switch USDT on Tron, Garcia famous.
The USDT provide on the Tron community surpassed $80 billion in June, with its quick, low-cost transfers making it a really perfect possibility for sending digital {dollars} in creating nations
Variety of Bitcoin retailers has fallen in Colombia
BTCMaps knowledge exhibits that the variety of retailers accepting Bitcoin in Colombia has dropped to 62, down from 106 in September 2023.
Among the many most notable departures was MIND Crypto Caffe Medellín, beforehand positioned within the coronary heart of El Poblado, Medellín’s most touristy neighborhood, with images from Could 2024 on X displaying the house being dismantled.
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