Dive Brief:

• MoneyGram will work with the stablecoin payments company Signify Holdings, doing business as Rain, to create a digital payments card that will let users hold stablecoins, access cash and make payments by way of Visa’s network, the company said in a release this month.
• MoneyGram’s customers will also be able to add the card to their Apple or Google wallets. The company plans to issue a physical card option as well before the end of the year, the cross-border payments player said in the Sept. 10 press release.
• The international money transfer company is working with the stablecoin payments company Signify Holdings to offer the card, initially just in Colombia, though it has plans to expand to other countries as well, according to the release.

Dive Insight:

Companies are incorporating stablecoins into their payments strategies following passage last year of the Genius Act, which created a regulatory framework for their use. Stablecoins are cryptocurrencies that are designed to be less volatile than other forms of digital currencies, like bitcoin, because they are tied to a stable asset, usually the U.S. dollar.

MoneyGram CEO Anthony Soohoo has sought to update the 85-year-old money transfer business by embracing the digital currency craze growing around the world. The company’s services are available in 200 countries and territories globally, according to its website.

Soohoo became CEO in 2024 after the Dallas-based company was purchased in 2022 by the Chicago private equity firm Madison Dearborn Partners in a $1.8 billion acquisition. 

With the physical card, MoneyGram customers will be able to “withdraw cash at ATMs and make in-person purchases in places where digital cards may not be as widely accepted,” the company said in the release.

MoneyGram previously had a physical, fiat-based debit account card in both the physical and digital forms, but it was discontinued in December 2025, a spokesperson for the company said.

The new card takes a “fundamentally different approach that combines the benefits of stablecoins with a seamless customer experience for everyday utility” and is “built directly into the MoneyGram app,” the spokesperson said by email. “The card is stablecoin-backed and is not a traditional bank account or fiat-currency balance.” 

Signify also works with MoneyGram’s money transfer rival Western Union, which in August worked with that partner to launch a stablecoin-backed card. It can also connect to a digital wallet and also connects to a card that taps the Visa network.