MoneyGram is introducing a digital payment app in Colombia that will let people receive and hold funds in US dollar stablecoins.
This comes at a time when Colombia’s local currency, the peso, has been experiencing a decline in value.
Instead of visiting a branch to collect physical cash, users will be able to store money in USDC
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The MoneyGram app will be available through the Apple App Store and Google Play, but people in Colombia must sign up on a waitlist before gaining full access.
According to the company, Colombia is a strong starting point for the service. Many families in the country rely on money sent from overseas. MoneyGram emphasized that cross-border transfers are essential for many households.
It helps cover basic needs such as food, shelter, and school expenses, and supports small businesses or long-term goals.
The app reduces the need for people to physically visit stores just to access their money. They can keep their remittances as digital dollars until they choose to convert them.
When cash in local currency is needed, users can visit a MoneyGram location to exchange their USDC for Colombian pesos and withdraw them.
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