The moneygram, the Ubiquitous who sends and receives a cash network for retail customers, has created the dollar stablecoins and blockchain railroads of the digital spine of the updated mobile app, the company said Wednesday.
Customers in the Latin American country of Colombia, where the moneygram has a wide retail network of over 6,000 locations, is the first to use a new app to receive and store Stablecoin payments, with plans to expand in additional markets in the near future.
Colombia is the good launch market, says Moneygram CEO Anthony Soohoo. This is a major incoming remittance corridor where families receive more than 22 times the money they have sent overseas, and where the Colombian peso has lost more than 40% of its value over the last four years.
When it comes to the promotion of Stablecoins, Soohoo compares it to other killed apps such as humble spreadsheets, which pushed the adoption of the first PC, or what the browser did for the Internet, or GPS and mobile phones.
“The Stablecoins really killed the app for the crypto and I think we’re in the dawn of all the possibilities,” Soohoo said in an interview. “Our customers can handle and store a money that is stable and providing for real time regulating. And in the Genius Act passed in the US, we have a plot in terms of how it can be organized and how we can cooperate with it.”
Under the hood, the new moneygram app is strengthened by Circle’s USDC Stablecoin and Stellar, The fast and inexpensive blockchain, as well as Crossmintan infrastructure of the purse and stablecoin payment platform.
Back, the moneygram is close to half a million locations where customers can choose cash or send money, Soohoo said. As a remittance provider, IT services are over 20,000 corridors worldwide. Moneygram also happens to be the biggest cash on and off ramp for crypto, Soohoo added.
“If you are talking about global payment there are many companies that can have having and a strong brand in a market but when you leave the US, or the UK, for example, no one knows about them,” Soohoo said. “We’ve been around for years and our brand is truly universal.”
