MoneyGram's Stablecoin Visa Card Goes Live In Colombia

MoneyGram on Thursday introduced the MoneyGram Card, a virtual Visa debit card that spends a dollar balance held inside the company’s app. The product is live in Colombia and will let recipients who have previously collected remittance cash instead keep dollars in the app and spend them wherever Visa is accepted, without converting to Colombian pesos. MoneyGram said it plans to expand the card to additional markets in the coming months.

Three providers underpin the new product: Crossmint operates the wallets that hold user balances, funds move across the Stellar blockchain, and Rain links the stored balance to Visa’s network. Rain said MoneyGram chose it for a single API integration that fit the company’s existing provider mix, and Rain also noted the card can be spent at more than 175 million merchant locations.

At launch the card is powered by USDC; MoneyGram said it intends for its own MGUSD stablecoin to take over the card’s backing in the near future. The issuer bank for the Colombian program was not named. Rain’s documentation states its card issuing is done through partners licensed in each jurisdiction and that its U.S. banking services come from SSB, which would not apply to Colombia.

The virtual card carries no monthly or purchase fees at launch, though MoneyGram’s product page warns an inactivity fee applies after three or more months without activity (the page does not specify the fee amount). Physical cards and ATM-capable versions are slated for late 2026, so until then customers can also withdraw local currency at MoneyGram branches; Crossmint said MoneyGram has more than 6,000 branches in Colombia. MoneyGram has said it expects to route roughly $3 billion of its annual FX trading through stablecoins as it scales these products.