MoneyGram Introduces Revolutionary Stablecoin App in Colombia
As the Colombian peso continues to weaken, MoneyGram has stepped up to provide a timely solution. The global digital payments leader has announced the launch of its crypto-focused app, enabling Colombians to save and store funds in US dollar stablecoins like USDC. This innovative app is designed to provide financial stability and ease of access for citizens navigating the country’s fluctuating economy.
How the MoneyGram App Works
The new app, powered by the Stellar blockchain network, allows users to store the USDC stablecoin with ease. Crossmint handles the self-custody functionality, ensuring secure and efficient management of funds. Once funds are stored as USDC, users can quickly transfer them internationally, offering near-instant payments. This eliminates the need for visiting physical MoneyGram stores for cash pickups.
Benefits for Colombian Users
The primary benefit of the app comes from its ability to safeguard funds in a stable cryptocurrency like USDC. Given the Colombian peso’s nearly 12% decline against the US dollar in recent months, this app serves as a lifeline, protecting citizens from further currency devaluation.
Users of the MoneyGram app can also look forward to future savings incentives on deposits. Additionally, cash-out options remain straightforward: Colombians can visit MoneyGram’s locations to convert their USDC tokens back to pesos when needed.
Expanding Financial Access Through Technology
To access the app, users must join a waitlist as accounts are gradually approved. The app is launching on both the Apple App Store and Google Play Store, making it widely available to Colombians. With a global presence spanning 500,000 retail locations and over 5 billion digital endpoints, MoneyGram continues to position itself as one of the most accessible payment solutions worldwide.
The Broader Crypto Landscape in Colombia
Despite this progress, traditional cryptocurrency players remain significant in Colombia. Tether (USDT) stablecoins dominate the local crypto landscape, especially through Binance’s peer-to-peer platform and other apps like El Dorado P2P. TRON’s low-cost and fast transactions further drive its adoption in the region.
However, on-chain BTC usage appears to be in decline, with the number of Bitcoin-accepting merchants dropping to 62. This decline highlights the importance of reliable stablecoin solutions like MoneyGram’s app in addressing the financial needs of Colombians.
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The Future of Stablecoin Adoption in Colombia
The launch of MoneyGram’s app signifies a pivotal moment for stablecoin adoption in developing nations. With its user-friendly features and the promise of financial stability, this platform could set a new standard for digital payments and savings in Colombia and beyond.
