365Crypto
MoneyGram is launching a new crypto payments app in Colombia, giving locals a way to save money in US dollar stablecoins.
The app will run on the Stellar network and use Crossmint for self-custody. Colombians will be able to hold and send USDC almost instantly, without relying on physical stores.
Why Colombia?
MoneyGram says the country is the “ideal launch market” since Colombian families receive far more money than they send abroad. The app makes it easier to receive funds and keep them stable, as the Colombian peso has dropped 12% against the dollar since April.
How It Works
Users can keep their remittances in USDC on the app. They only need to visit MoneyGram stores if they want to swap USDC for pesos. MoneyGram also teased future savings incentives inside the app.
Market Context
The service will first appear on the Apple App Store and Google Play Store with a waitlist. MoneyGram, a longtime rival of Western Union, already has 500,000 retail locations worldwide.
In Colombia, USDT (Tether) still dominates daily crypto use, especially through Binance’s peer-to-peer marketplace. Tron-based USDT transfers remain popular because they’re cheap and fast.
Meanwhile, the number of merchants taking Bitcoin has shrunk to just 62 from 106 last year. Even Medellín’s once-popular MIND Crypto Caffe has closed its doors.
