MoneyGram Launched a Stablecoin Card: How It Works and Why Colombia First

Betting on one card

Anthony Soohoo, who says he has been at Moneygram for about 22 months, describes his approach as asking what the company would look like if it started again tomorrow. He says the MoneyGram Card continues that work, and that the company has dropped all its other cards because "we believe in stablecoin that much."

The card sits inside the existing Moneygram app, with no separate ID or download required. Soohoo says the aim is that customers do not need to understand crypto to use a coin pegged to the US dollar.

Why Colombia first

Anthony Soohoo says Moneygram launched a stablecoin balance product in Colombia early last year. He adds that the country receives 22 times more remittances than it sends, and that FX volatility makes a dollar-pegged balance valuable to consumers. The ambition, he says, is to expand to many more places.

The partner stack

Anthony Soohoo says RAIN is the new card infrastructure partner, chosen for its focus on a seamless experience. Stellar powers the consumer wallet, M Zero handles smart contracts, Stripe helps with issuance and Fireblocks coordinates it all. He says the company's MGUSD stablecoin matters because digital currency is programmable.

Customer first

Anthony Soohoo says the company must "fall in love with the customer" and only use technology if it solves a problem. He compares the stablecoin moment to the early web and says the goal is financial inclusion for about 1.5 billion people.