MoneyGram, one of the world’s leading cross-border payment companies, has expanded its cash-to-crypto Ramps service to the Solana blockchain, enabling wallets, exchanges, and developers to offer seamless conversions between cash and digital assets for users around the globe.
Solana integration offers new reach
The new extension allows users in more than 25 countries to deposit cash for digital asset purchases and provides cash withdrawals from supported cryptocurrency holdings in over 170 countries and territories. MoneyGram’s Ramps service aims to simplify access to digital assets by leveraging the company’s global payment network, eliminating the need for crypto companies to establish separate partnerships with banks or cash services.
Through Ramps, users with compatible wallets can convert local cash into supported digital assets, or withdraw crypto as local currency at MoneyGram’s network locations. This approach connects digital wallets directly to physical payment points and addresses the needs of crypto platforms seeking to reach customers who prefer cash transactions.
The move comes as stablecoins and blockchain-based payment options gain traction for remittances and cross-border transfers. Payment firms, fintechs, and banks have increasingly tested and adopted stablecoins, which are cryptocurrencies pegged to the value of fiat currencies like the US dollar, aiming to provide cost-effective and rapid international payments.
MoneyGram, which serves around 60 million customers worldwide, has stated that integrating blockchain technology holds the potential for faster, more affordable transfers, while maintaining a user-friendly process.
Expanding blockchain presence and partnerships
MoneyGram has steadily enhanced its involvement in blockchain technology. In 2022, the company partnered with the Stellar Development Foundation to support cash in and cash out services for Circle’s USDC stablecoin, allowing users to move easily between paper currency and digital coins.
In June, MoneyGram announced a new dollar-backed stablecoin, MGUSD, which is issued on the Stellar blockchain through Bridge, a stablecoin infrastructure provider owned by global payments firm Stripe.
Additionally, MoneyGram became a validator on the Solana network in June, taking on a role in verifying and securing transactions. Becoming a validator enables a company or individual to help maintain a blockchain’s functionality, confirm transactions, and add new blocks to the chain.
Mini dictionary: Solana validator, a network participant responsible for confirming and securing transactions on the Solana blockchain, helping to maintain its decentralized infrastructure.
The company also joined Open USD, a Stripe-led initiative involving stablecoins, which plans to distribute revenue among a group of partners. This further underlines MoneyGram’s strategy to connect digital assets with its established cash payment network through multiple blockchain platforms.
Chief Executive Anthony Soohoo emphasized an ambition to build a more open global payments infrastructure, focused on broadening access to financial services throughout the expansion of blockchain partnerships.
| MoneyGram Blockchain Initiatives | Key Features | Launch Year |
|---|---|---|
| Stellar USDC Service | Cash in/cash out for USDC stablecoin | 2022 |
| MGUSD Stablecoin (Stellar via Bridge) | Dollar-backed stablecoin issued on Stellar | 2023 |
| Solana Validator Status | Processes and secures Solana network transactions | 2023 |
| Ramps on Solana | Cash-to-crypto for wallets and exchanges | 2024 |
