MoneyGram on Thursday launched the MoneyGram Card, a virtual Visa card that spends a stablecoin-backed dollar balance held in the MoneyGram app. The product is now live in Colombia, and the company said more markets will follow in the coming months.
The card keeps remittance funds inside MoneyGram after they arrive. Recipients who previously picked up cash and exited the flow can now keep dollars in the app and spend them at Visa merchants without first converting into pesos. In its launch post, card issuer Rain described the shift this way: 「the recipient becomes the customer」.
Three companies underpin the product. Crossmint provides the wallets that hold the balances, funds move over Stellar, and Rain connects those balances to Visa’s network. Rain said MoneyGram chose it because a single API integration fit the providers MoneyGram was already using.
Colombia first, with more markets planned
MoneyGram serves more than 60 million active customers across more than 200 countries and territories, but the card is currently available in only one of them: Colombia. Rain said the card can be used at more than 175 million merchant locations. It also said MoneyGram is on pace to route roughly $3 billion of its annual foreign-exchange trading through stablecoins.
Cardholders can also send funds from the balance to themselves and collect local currency at a MoneyGram branch. According to Crossmint, which operates the wallets used by the product, MoneyGram has more than 6,000 branches in Colombia.
「We’re giving customers more freedom and control to manage their money, all in one place,」 said Anthony Soohoo, MoneyGram’s chairman and chief executive. Rain said in a post on X that 「the card completes the loop.」
A feature promised in September 2025
MoneyGram announced its Colombia app on Sept. 17, 2025. At the time, it listed among the features coming 「in the near future」 the ability to 「spend online or in-person in USD globally with linked Visa or Mastercard debit cards.」 Crossmint published a release the same day with the same line, labeled 「coming soon.」
That feature arrived on Thursday, but only for Visa. A physical card that works at ATMs and in person is due in late 2026. Until then, cash-out still runs through MoneyGram branches.
MoneyGram said in its 2025 release that it chose Colombia because it is an inbound remittance corridor and because the peso has weakened against the dollar over the past decade. Colombia received $13.1 billion in remittances last year, up 10.6%, according to the Colombian presidency, which cited central bank data.
USDC at launch, MGUSD planned next
The MoneyGram Card is powered by USDC at launch. A MoneyGram spokesperson said the company plans for MGUSD to power the card in the near future. 「MGUSD was designed to be the foundation for a growing suite of financial services across MoneyGram’s global network,」 the spokesperson said.
The issuing bank was not named. Rain’s website says cards are issued through partners licensed in their jurisdictions, and that its banking services come from SSB, a U.S. institution. That would not cover a Colombian card program.
Fees and onboarding terms
MoneyGram’s product page says the card has no monthly fee, no annual fee, and no purchase fees at launch. The same page says an inactivity fee applies only if the card has no activity for three months or more.
It tells customers to see the full fee schedule for details, but does not link to one and does not disclose the inactivity amount. Sign-up happens inside the MoneyGram app and requires identity verification.
The same page describes MoneyGram’s retail footprint as 「nearly 480,000」 locations. Thursday’s release put the figure at nearly 500,000.
MGUSD supply and Stellar network figures
On-chain data shows MGUSD, issued by Stripe subsidiary Bridge on Stellar on June 2, has 25.2 million tokens outstanding across 21 authorized accounts. Another 338 accounts have opened trustlines that have not been authorized by the issuer.
The asset is permissioned. Holders need issuer authorization to keep it, and the issuer can revoke that authorization and claw balances back.
According to DefiLlama, USDC on Stellar stands at $346.8 million, while the chain holds $242.3 million in DeFi value. CoinGecko data shows XLM at $0.177, down 4.3% over 24 hours on $169 million in trading volume.
Rain adds a second major remittance brand
With MoneyGram, Rain now supplies cards to the two largest names in retail remittances. On Aug. 4, it launched Stablecard with Western Union in 37 markets, a Visa card that spends Western Union’s USDPT. The following week, it acquired merchant wallet startup Ansa.
Rain also raised $250 million in a Series C round led by ICONIQ in January at a $1.95 billion valuation. Before that, it completed a $58 million Series B led by Sapphire Ventures.
MoneyGram’s stablecoin work has spread beyond Stellar
MoneyGram has worked with the Stellar Development Foundation and Circle since 2021. Since then, it has expanded its stablecoin efforts across other chains. It brought its cash ramps to Solana in August, became a Solana validator in June, and also validates on Tempo and Midnight.