MoneyGram taps stablecoin ally

MoneyGram will collaborate with Signify Holdings, which does business as Rain, to issue a digital payments card that allows users to hold stablecoins, access cash, and make payments through Visa's network, the company announced in a press release dated Sept. 10. The card will initially be available in Colombia, with plans to expand to other countries, and customers will be able to add it to Apple or Google wallets. A physical version of the card is scheduled to launch before the end of the year.

The new product is built directly into the MoneyGram app and is backed by stablecoins rather than traditional bank accounts or fiat-currency balances, a company spokesperson said by email. The spokesperson described the card as taking a fundamentally different approach that combines stablecoin benefits with everyday utility. With the physical card, customers will be able to withdraw cash at ATMs and make in-person purchases in locations where digital cards may not be widely accepted.

This move follows the discontinuation of MoneyGram's previous physical and digital fiat-based debit account card in December 2025. The company is incorporating stablecoins into its payments strategy following the passage of the Genius Act last year, which established a regulatory framework for their use. Stablecoins are digital assets pegged to a fixed value, typically the U.S. dollar, to reduce price swings compared to cryptocurrencies such as bitcoin.

MoneyGram CEO Anthony Soohoo has sought to update the 85-year-old money transfer business by embracing the growing digital currency sector. The Dallas-based company, which offers services in 200 countries and territories globally, was purchased in 2022 by Chicago private equity firm Madison Dearborn Partners in a $1.8 billion acquisition. Soohoo became CEO in 2024.

Signify also works with MoneyGram's rival Western Union, which launched a stablecoin-backed card in August using the same partner. That card also connects to a digital wallet and taps the Visa network.