MoneyGram launches stablecoin Visa card, supporting USDC spending

BlockBeats news, September 10 - Payment giant MoneyGram is set to launch a stablecoin-backed card that allows customers to spend at merchants accepting Visa. The card will initially be introduced in Colombia, with plans to expand to other markets in the coming months.

Users can sign up through the MoneyGram app, add the electronic card to their mobile wallet, and spend online or in physical stores. They can also send money to themselves and withdraw cash in local currency at MoneyGram locations.

The card will initially support Circle's USDC, followed by its own stablecoin MGUSD. MoneyGram stated that it plans to launch a physical card later this year, which will also support ATM withdrawals. The card is being developed by MoneyGram in collaboration with stablecoin payment company Rain, wallet provider Crossmint, and the Stellar blockchain.