MoneyGram has integrated Crossmint’s wallet infrastructure into its payment system. This collaboration allows for the instant conversion and settlement of remittances into USDC for recipients in Colombia, utilizing Crossmint’s APIs.
Summary
- MoneyGram has adopted Crossmint’s wallet infrastructure to enable instant USDC remittances in Colombia.
- Beneficiaries can hold their funds in USDC, cash out to pesos at over 6,000 locations, or use upcoming card integrations for international transactions.
- Crossmint’s robust platform ensures compliance, scalability, and security, enhancing MoneyGram’s deployment of stablecoin services.
According to a press release from September 17 shared with crypto.news, MoneyGram is partnering with Crossmint to bring stablecoin functionalities within its payment infrastructure.
The initial phase is launching in Colombia, where remittance recipients can convert U.S. dollars to USDC, stored in Crossmint-enabled wallets. Crossmint noted that this integration permits real-time settlement of MoneyGram transfers, removing delays and costs typically associated with cross-border transactions.
Impact of MoneyGram’s stablecoin transition
For recipients in Colombia, this service improves not just speed of transfer. Once funds are received as USDC in their MoneyGram wallets, users can enjoy various options that seamlessly blend digital asset functionality with everyday usability.
The press release mentions that users may choose to retain their savings in USDC, which can help protect against local currency volatility. Alternatively, they can quickly convert to Colombian pesos at any of MoneyGram’s broad network, including over 6,000 physical locations across the country.
Future integrations are anticipated to allow users to spend their USDC online or in-person globally via linked Visa or Mastercard debit cards, with potential rewards on deposits through integrated savings features. These applications bridge the gap between digital dollar assets and local economic needs, all without requiring any blockchain knowledge from the end user.
MoneyGram selected Crossmint because it offers a complete system for minting, settlement, and payouts while integrating compliance measures like AML and KYC. This consolidation has allowed the traditional money transfer service to avoid coordination with multiple providers or hiring blockchain experts.
“Crossmint has been instrumental in speeding up our stablecoin strategy. Their enterprise-grade platform has enabled us to act quickly, eliminate the necessity for multiple vendors, and launch this product efficiently—backed by practical advice that simplified each step of the process,” stated Josh Bivins, Director of Product at MoneyGram.
Supported by investors like Ribbit Capital and Franklin Templeton, Crossmint offers businesses a way to integrate crypto features using familiar Web2 tools. Its customer base extends beyond MoneyGram, encompassing major corporations like Visa, NBC, Santander, and Sony, and serving over 40,000 developers with its API-centric platform for wallets, tokenization, and stablecoin management.
