Stablecoins Introduced for Remittance Customers by MoneyGram: Discussion with CEO Anthony Soohoo Regarding Launch of USD-Backed App
MoneyGram, a leading global money transfer company, has announced the launch of a new stablecoin wallet app designed to serve as a USD proxy. The app, currently available in Colombia, aims to unlock a new customer type and is part of MoneyGram's broader strategy and refounding journey.
The app allows customers to hold USD-backed stablecoins and convert them to cash at MoneyGram retail locations. Customers do not require a bank account to use the app, making it accessible to a wider audience.
The initial launch will be followed by a rollout in other markets. MoneyGram plans to expand the service to the United States, the United Kingdom, Mexico, and the United Arab Emirates.
In addition to cash transactions, MoneyGram plans to add top-up functionality using cash at retail locations and online spending with linked Mastercard or Visa debit cards. However, no specific details have been provided about the integration of these cards in the app.
The product roadmap also includes deposit incentives via integrated savings options, although no details about these incentives have been disclosed.
It's worth noting that other stablecoin-based USD dollar account products already exist, including Higlobe, which is available in Colombia, Brazil, Mexico, the Philippines, and Argentina. However, no new information was given about the implications of this launch for these existing products or the stablecoin-based USD dollar account products in other countries.
The stablecoin app is expected to be available on Apple's App Store and Google's Play Store shortly. This marks another step in MoneyGram's refounding project, following a series of stablecoin-related moves by the company.
As always, we will continue to monitor developments and bring you updates on this exciting new initiative from MoneyGram.
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