MoneyGram rolls out Visa-backed stablecoin card for customers in Colombia

MoneyGram launched a Visa-backed virtual card on Sept. 10 that lets eligible customers in Colombia spend a stablecoin-based dollar balance anywhere Visa is accepted, the company’s first step toward folding digital-dollar payments into its existing cash-transfer network.

The card, accessible through MoneyGram’s mobile app and compatible with Apple Wallet and Google Wallet, marks the company’s entry into a growing field of remittance firms, including rival Western Union, building card products on stablecoin rails.

MoneyGram Chairman and CEO Anthony Soohoo said the service is designed to consolidate several financial functions within the company’s existing platform.

“We’re giving customers more freedom and control to manage their money, all in one place,” — Anthony Soohoo, Chairman and CEO of MoneyGram.

Soohoo said the product combines “a stable-dollar balance, everyday spending and cash access,” positioning the Visa stablecoin card as an extension of MoneyGram’s existing payments and remittance services.

For customers who need physical currency, the initial virtual card allows them to send money to themselves and collect local cash from participating MoneyGram locations. Direct ATM withdrawals are not available with the virtual product, according to the company.

Visa stablecoin card debut starts with Colombia

Colombia is the first market where MoneyGram has introduced the Visa stablecoin card, with the company planning to expand into additional countries in the coming months.

MoneyGram has not disclosed which markets will receive the service next, nor has it published a detailed pricing structure or a specific date for the physical card’s release.

The company expects to launch a physical version before the end of 2026. That product is planned to broaden access by adding ATM withdrawals and in-person purchases, including in situations where customers cannot use digital wallets.

The Visa stablecoin card therefore represents an attempt to connect digital dollar balances with both online payments and MoneyGram’s physical cash network. The model could be particularly relevant for users who want to retain dollar-linked value while maintaining access to local currency.

However, several details about the product remain undisclosed. MoneyGram has not identified the specific stablecoin backing customer balances in its announcement. It also has not explained the reserve arrangement, redemption terms or whether users directly control stablecoin tokens or instead hold a platform balance representing the underlying value.

That distinction may be important as stablecoin payment products expand across different jurisdictions. Availability will also depend on local regulations and MoneyGram’s rollout schedule in each market.

Rain, Crossmint and Stellar power the payment infrastructure

The Visa stablecoin card relies on separate technology components supplied by Rain, Crossmint and Stellar.

Rain provides the card infrastructure that connects stablecoin-funded balances with the Visa payment network. The New York-based company specializes in infrastructure for businesses seeking to offer card programs funded by digital assets.

Crossmint supplies the wallet technology integrated into MoneyGram’s application, while Stellar provides the public blockchain supporting the product’s underlying digital transactions.

MoneyGram remains the customer-facing provider, managing the application and its physical cash network. The company says it has more than 60 million active customers, operates across more than 200 countries and territories, and maintains nearly 500,000 retail locations. Those figures were provided by MoneyGram and were not independently audited as part of the card announcement.

The Colombian launch also comes as other financial institutions explore blockchain-based settlement and payment infrastructure in Latin America. MoneyGram’s move follows a broader push by traditional remittance companies to incorporate stablecoins and digital assets into established payment channels.

Rain has also partnered with Western Union on a separate Visa stablecoin card announced in August. Western Union’s Stablecard enables eligible users to hold dollar-backed stablecoins and spend through Visa, giving two major global remittance companies card products supported by the same infrastructure provider.

Visa stablecoin card follows MoneyGram’s broader stablecoin strategy

The Visa stablecoin card is the latest development in MoneyGram’s wider expansion into blockchain-based financial services.

In June 2026, MoneyGram introduced MGUSD on the Stellar network for treasury management, settlement and foreign-exchange activities. The company said the dollar-linked token would initially be available in the United States before expanding to other markets.

MoneyGram subsequently expanded its digital-asset infrastructure through MoneyGram Ramps, an API designed to connect digital wallets with its physical cash network. An August integration brought the service to Solana, allowing supported wallet users to deposit or withdraw value through participating MoneyGram locations.

The new Visa stablecoin card adds a spending layer to those digital and cash services. Eligible customers can hold dollar-linked value, use it for purchases through Visa or convert it into local currency through MoneyGram’s retail network.

Regulation is also becoming an important consideration for stablecoin-based payment products. Under the U.S. GENIUS Act, payment stablecoins are subject to requirements covering eligible issuers, reserve assets, redemption and periodic disclosures once the relevant provisions take effect.

MoneyGram’s announcement, however, does not state that MGUSD is the stablecoin backing its Colombian card. The company has also not said whether the Visa stablecoin card will eventually support multiple stablecoins or blockchain networks.

Debit cards remain a low-cost remittance option

The launch comes against a backdrop of continued efforts to reduce the cost of international remittances. World Bank data published in its September 2025 remittance-pricing report showed that sending $200 globally cost an average of 6.36% during the third quarter of 2025.

Digital remittances were cheaper on average, at 4.59%, while nondigital services averaged 7.30%. Among the payout methods measured, debit cards recorded the lowest average cost at 3.61% across the 48 services included in that category.

Mobile wallets averaged 3.18% in the World Bank’s separate prospective-services index, where debit-card data were unavailable.

For transfer funding, credit and debit cards had an average cost of 4.39%, compared with 7.01% for cash-funded transfers and 8.69% for bank-account funding.

The World Bank dataset covered 48 sending countries, 105 receiving countries and 367 remittance corridors. MoneyGram and Western Union were included in the International Money Transfer Operator Index because their services covered 90% and 95% of the tracked corridors, respectively.

MoneyGram has yet to disclose the fees, foreign-exchange spread or card-transaction charges that will apply to its Colombian product. Those costs will be relevant to determining how the Visa stablecoin card compares with conventional remittance and payment options.

For now, Colombia serves as the initial testing ground for MoneyGram’s new card model. The planned physical version, expected in late 2026, could further expand the Visa stablecoin card by adding ATM withdrawals and broader in-person payment capabilities.