MoneyGram Launches Stablecoin-Backed Visa Card in Colombia

MoneyGram launched its first stablecoin-backed Visa card on Sep. 10, a digital product designed for eligible customers worldwide that lets them hold a dollar-denominated balance and spend it anywhere Visa is accepted. The card is described in the company's announcement as initially available in Colombia, with plans to expand to more global markets and introduce a physical card option later in 2026.

The MoneyGram Card is built on infrastructure from Rain, a stablecoin payments firm that operates as a Visa Principal Member, and combines Rain's card infrastructure, Crossmint's wallet capabilities, and the Stellar network, the company said. Customers sign up in the MoneyGram app, add the card to Apple Wallet or Google Wallet, and use it for online and tap-to-pay purchases. To access cash, customers transfer funds from their MoneyGram balance and collect local currency at one of MoneyGram's approximately 500,000 retail locations near them.

"The MoneyGram Card builds on the power of our global payments network, bringing a stable-dollar balance, everyday spending and cash access into the MoneyGram experience customers already use and trust," said Anthony Soohoo, Chairman and CEO of MoneyGram, in the release.

The card supports USDC at launch, and MoneyGram plans to add support for MGUSD, the dollar-pegged stablecoin MoneyGram launched on Stellar in June, according to a MoneyGram spokesperson who spoke to The Block. Asked why the company does not call the card a debit card, the spokesperson said, "The card is stablecoin-backed and is not a traditional bank account or fiat-currency balance." Eligible customers must be in an active market and complete MoneyGram's know-your-customer process before they can receive the card. Colombia is the first active market; the spokesperson said MoneyGram plans to expand initially across Latin America and declined to name specific countries.

The MoneyGram Card is a virtual-only product inside the MoneyGram app today. Customers open the app, sign up for the card, and manage their balance and spending in one place, the company said. The card gives them a stable-dollar balance they can hold and use for everyday spending within the MoneyGram ecosystem, a departure from the cash-pickup flows the company has built its remittance network around. The release does not specify transaction limits, fees, card loads, settlement mechanics, or how the stablecoin balance is converted into merchant payments at the point of sale. It also does not identify which corridors in Colombia support both the card and MoneyGram's cash-pickup network, or whether ATM withdrawals will be available at launch. MoneyGram plans to introduce a physical card in late 2026 that would add ATM cash withdrawals and in-person purchases at locations where digital cards are less widely accepted.

The MoneyGram Card is MoneyGram's first stablecoin-linked card product but not its first card overall. MoneyGram previously offered MoneyGram Account, a fiat-based account with physical and digital Visa debit cards issued by Pathward. That product was discontinued in December 2025, according to The Block, and MoneyGram does not currently offer any other cards. "With the new MoneyGram Card, we've taken a fundamentally different approach that combines the benefits of stablecoins with a customer experience built for everyday utility," the spokesperson told The Block.

Rain has described the card as running on stablecoins "under the hood" while functioning like any other card, with spending power denominated in dollar value so users can spend online, in person, and across borders without converting to local currencies. Rain says recipients no longer need to move money off the MoneyGram platform to spend it, one of the earliest signs of a money transfer business rebuilding its backend around stablecoin infrastructure. In Rain's telling, merchants do not need to hold stablecoins or accept them directly; if they take Visa, they can take the MoneyGram Card. Rain, founded in 2021 by Farooq Malik and Charles Naut, is the only Visa Principal Member that lets partners deploy and manage card programs across multiple blockchains simultaneously, supporting both custodial and non-custodial wallets, the firm said in a May 2025 release.

MoneyGram serves more than 60 million active customers across more than 200 countries and territories, the company said. The card extends a stablecoin push that began in 2021, when MoneyGram partnered with the Stellar Development Foundation to support cash-to-USDC and USDC-to-cash conversions through its network. In September 2025, Crossmint announced it was powering a new stablecoin cross-border experience for MoneyGram in Colombia. Under that setup, MoneyGram minted USDC and funded a custodial treasury wallet through a Crossmint-powered integration on Stellar, and recipients received the funds in an embedded wallet inside the MoneyGram app without any token, gas fee, or blockchain tooling. Recipients could cash out in Colombian pesos at MoneyGram's more than 6,000 locations in the country. The case study listed spending online or in person in U.S. dollars as "coming soon." The MoneyGram Card now delivers that capability.

In April 2026, MoneyGram and the Stellar Development Foundation announced a multi-year extension of their partnership, five years after it began, that expanded the stablecoin balance within the MoneyGram app from Colombia into El Salvador, with additional markets across Central and South America expected throughout the year. MoneyGram launched MGUSD on Stellar in June 2026, describing it as the "connective tissue" for a growing suite of financial services and the foundation for services aimed at families sending money across borders and people underserved by traditional finance across its global network. Later that month the company joined Solana as a validator and joined the Solana Developer Platform, a step it said reflected a commitment to blockchain-based financial infrastructure.

The launch comes as remittance companies and payment firms push deeper into stablecoin-backed products. Western Union is working with Rain on Stablecard, a stablecoin-linked card announced last month. The World Bank has identified stablecoins as a key tool in reducing the cost of global remittances; its September 2025 analysis of remittance trends found that debit cards are the lowest-cost instrument to receive remittances, at 3.61 percent of the transmitted amount. Stablecoin supply has grown to nearly $300 billion, and Visa's public stablecoin dashboard shows adjusted transaction volume in the trillions of dollars over the past 12 months across major blockchains, The Block noted.

MoneyGram is owned by Madison Dearborn Partners, which acquired the company for $1.8 billion in 2023.