MoneyGram Debuts First Stablecoin-Backed Visa Card, Launching in Colombia

MoneyGram has launched its first stablecoin backed Visa card, initially available in Colombia, allowing eligible customers to hold a stable dollar balance while spending anywhere Visa is accepted. The card also enables users to transfer funds from their MoneyGram balance and pick up local currency at physical MoneyGram locations, extending the company’s stablecoin efforts beyond cross border transfers into daily spending.

Product Supports USDC With Company’s Own Token Coming Soon

The card currently supports USDC, with MoneyGram planning to add support for its own recently launched dollar-pegged stablecoin in the near future. A company spokesperson clarified the product isn’t considered a traditional debit card since it’s backed by stablecoins rather than a conventional bank account or fiat balance. The card is currently accessible digitally through the MoneyGram app, with customers able to manage balances and add the card to mobile wallets for tap-to-pay purchases.

Part of Broader Stablecoin Strategy Expanding Across Latin America

The card was developed in partnership with stablecoin infrastructure firm Rain and built using wallet technology and the Stellar network. MoneyGram, which serves more than 60 million customers across over 200 countries, plans to expand the card beyond Colombia into additional Latin American markets, though specific countries have not been disclosed.

The launch replaces a previous fiat based debit card product the company discontinued last December, marking what the company describes as a fundamentally different approach centered on stablecoin technology. A physical version of the new card is expected later this year.