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FollowingMoneyGram launches a virtual Visa card based on the Stellar network in Colombia to support direct consumption of USDC
MoneyGram launches a virtual Visa card supported by Stellar technology in Colombia, allowing authenticated customers to directly use USDC (USD Coin) to consume at participating merchants nationwide. In this partnership structure, Stellar handles blockchain transfers, Crossmint provides wallet custody services, and Rain connects stablecoin balances to Visa's mature global payment network.
Although stablecoin balances are currently not protected by the government deposit insurance program, MoneyGram has planned the issuance of physical cards, expansion of regional markets, and a support plan for MGUSD.
A new way to digital dollar payments
MoneyGram officially entered the stablecoin debit card market through this virtual Visa card built on the Stellar blockchain. According to an official announcement, the pilot project aims to provide Colombia consumers with a new payment method that will enable them to use digital dollars through MoneyGram's partnership with Rain and Crossmint.
Users can apply for the virtual card by completing authentication in the MoneyGram app and bind it to Apple Pay or Google Wallet for contactless payments. This innovation allows remittance recipients to directly spend their digital funds without having to exchange them through the traditional cash withdrawal process, thereby greatly improving the efficiency of fund use.
Why did Colombia become the starting market?
The choice of Colombia as a start-up market has a profound background. In Latin America, many families rely on overseas remittances to survive. Faced with inflationary pressure, consumers have an urgent need to be able to obtain dollar-denominated assets. However, this service also introduces cryptocurrency custody risks and card issuer risks that are different from traditional bank accounts, and users need to be vigilant about this.
How Stellar technology opens up daily payment scenarios
In this model, the cardholder's balance will be held in the form of USDC and will not be converted until a purchase is initiated through the Visa network. During the settlement process, the system will automatically convert the required stablecoins into Colombia pesos to complete the settlement. As a result, merchants still receive local currency without having to process cryptocurrency or change their existing payment infrastructure.
Specifically, Stellar supports the underlying blockchain transactions, Crossmint provides the wallet custody system, and Rain is responsible for card issuance and stablecoin payment technology, seamlessly connecting user balances with the Visa network. This arrangement allows consumers and retailers to enjoy the convenience of blockchain technology while still experiencing familiar payment processes.
Future planning: From virtual to physical, from single currency to diverse ecosystems
MoneyGram plans to add MGUSD, its stablecoin issued on the Stellar network, as another supported funding option. The move is expected to more closely align the company's monetary strategy with its international remittance services. In addition, recipients may realize a one-stop closed-loop from "receiving remittances" to "direct consumption within the platform."
It is reported that physical cards are expected to be launched before the end of 2026 and support the withdrawal of local currency through automated teller machines (ATMs). MoneyGram also plans to expand its services to other Latin American markets based on the Colombia pilot. This regional expansion will help verify whether stablecoin cards can effectively reduce the barrier between cross-border collection and covering household expenses.
Risk Warning
It is worth noting that the balance of stablecoins is not a bank deposit and is not protected by any government deposit insurance plan. As a result, customers are still exposed to potential custody risks, technical failure risks, and stablecoin issuers default risks. Although MoneyGram's project expands the accessibility of payment channels, it also brings financial risks that users must fully understand and bear on their own. Before retaining a large balance, users should carefully assess the risks involved.
