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FollowingCore Points
MoneyGram has launched a Visa credit card directly linked to the USDC stablecoin balance, the first batch for users in Colombia. The card runs on the Stellar network, continuing MoneyGram's multi-year partnership with the Stellar Development Foundation. Cardholders can use their stablecoin balance to make purchases at any venue where Visa is accepted, without the need for a separate redemption step at checkout.
Practical pain points solved bystablecoins have performed quite well in terms of the speed of cross-border transfers; for example, sending USDC over the Stellar network can complete settlement in seconds at a fraction of the cost of traditional wire transfers. However, stablecoins themselves have not solved the "last mile" problem: corner convenience stores do not accept USDC, and most people do not open cryptowallet apps and route them through decentralized exchanges before purchasing groceries. A card product built on top of the stablecoin balance and converted into ordinary card payments at the point of sale is the critical infrastructure needed to fill this gap. This also explains why money transfer companies rather than cryptocurrency native companies build such products.
MoneyGram's core business is assisting people with international remittances, which gives it reasons to pay attention to this issue that typical cryptocurrency exchanges do not. Remittance recipients are often those who are most vulnerable to local currency fluctuations and face the highest transaction costs in traditional systems. For this group, holding a stablecoin pegged to the dollar and consuming it directly, rather than converting local currency at every step, will bring the greatest benefits.
Why Colombia is the first choice and what the future is going to do
Launching in a single market before widespread promotion is a standard and deliberate practice for regulated financial products, especially those linked to card networks, because card issuance requires the establishment of an independent bank and compliance relationship in each jurisdiction. Colombia has a large remittance recipient population and relatively developed digital payment infrastructure, making it a reasonable first market to verify end-to-end operations of products, from stablecoin custody to point-of-sale settlement. After proving that the product is feasible, MoneyGram will face more complex compliance challenges when it enters other countries.
