Key Takeaways:
MoneyGram is extending its cash-to-crypto service, MoneyGram Ramps, to Solana, letting wallets and apps on the network convert digital assets into local currency through its global cash network.
"The future of payments is built on access," Anthony Soohoo, chief executive officer at MoneyGram, said in a statement. "Bringing MoneyGram Ramps to Solana is another step toward building a truly open, global payments network."
The service, announced Tuesday, lets users deposit cash to buy digital assets or cash out tokens through MoneyGram's brick-and-mortar network without each crypto app building its own connections to banks and cash outlets. Ramps supports cash deposits in more than 25 countries and withdrawals across more than 170 countries and territories, the firm said. MoneyGram serves roughly 60 million active customers.
The move deepens MoneyGram's push into stablecoin-based payments and remittances, as fintechs and payment companies experiment with dollar-pegged tokens to move money across borders without chains of correspondent banks. It also strengthens MoneyGram's ties to Solana, where it became a validator in June.
MoneyGram has spent years wiring its traditional payments network into crypto. In 2022, it rolled out a service with the Stellar Development Foundation letting users move between cash and Circle's USDC stablecoin through its retail network. In June, it launched MGUSD, its own dollar-backed stablecoin issued by Bridge, the stablecoin infrastructure company owned by Stripe, on the Stellar network. MoneyGram is also a partner in Open USD, the Stripe-led stablecoin initiative that shares revenue with a consortium of backers.
The Solana integration gives the network a physical entry and exit point for digital dollars, a feature that has helped drive stablecoin adoption in payments and remittances. Solana (SOL) traded at $76.07 as of 08:00 UTC, down 0.63 percent over 24 hours, while Stellar's XLM held at $0.1605.
For MoneyGram, which views blockchain rails as a way to make cross-border transfers faster and cheaper without customers thinking about the technology, Ramps on Solana extends its reach into a network known for low-cost, high-speed settlement. The company said wallets, exchanges and developers building on Solana can now tap the service. The integration gives Solana a physical on- and off-ramp for digital dollars, a feature that could draw more payment-focused apps to the network as stablecoin settlement volumes grow.
This article is for informational purposes only and does not constitute investment advice.
