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MoneyGram’s integer payments app is acceptable to motorboat successful Colombia, offering locals a mode to prevention successful US dollar stablecoins arsenic the Colombian peso continues to weaken.
MoneyGram’s crypto work is powered by the Stellar web and leverages Crossmint for self-custody, enabling users to store the USDC (USDC) stablecoin and transportation it overseas astir instantly.
In a connection connected Wednesday, MoneyGram said Colombia is the “ideal motorboat market” arsenic Colombian families person much than 22 times the wealth they nonstop abroad.
“For millions of radical astir the world, sending wealth crossed borders is simply a lifeline: supporting loved ones backmost home, covering essentials similar food, lodging and education, and enabling investments successful businesses and semipermanent fiscal stability. ”Say hullo to a caller mode to person wealth 💸📲
Introducing the next-generation MoneyGram® app:
🔔 Instantly person planetary transfers with real-time notifications
💲 Choose to person funds into integer dollars for stability, oregon retreat currency astatine a MoneyGram location
🔒… pic.twitter.com/E0CIn5QTup
The integration volition prevention locals the request to spell into MoneyGram’s carnal stores to person funds and prime up the carnal cash, arsenic they tin present store it arsenic USDC successful the app.
This offers them a much unchangeable currency to store their funds, arsenic Colombian pesos person fallen astir 12% against the dollar since aboriginal April, Google Finance data shows.
Users volition lone request to be MoneyGram locations erstwhile they privation to swap the USDC for Colombian pesos and retreat it for spending.
MoneyGram besides noted that users whitethorn beryllium capable to gain incentives connected deposits done its integrated savings offerings successful the adjacent future.
MoneyGram’s crypto work is launching connected the Apple App Store and Google Play Store, though Colombians indispensable archetypal articulation a waitlist to person their accounts approved.
Related: Bitwise files for stablecoin, tokenization ETF with US SEC
The Western Union rival has 500,000 retail locations astir the world, and claims to person much than 5 cardinal “digital endpoints,” making it 1 of the astir accessible integer outgo networks successful the world.
USDT inactive stablecoin king successful Colombia, section says
A subordinate of a Colombian Bitcoin Telegram group, José Luis Garcia, told Cointelegraph that Tether (USDT) transfers inactive predominate local crypto activity, peculiarly via crypto speech Binance’s peer-to-peer platform.
Source: Binance LatinoaméricaEl Dorado P2P is different commonly utilized app successful Colombia that allows users to transportation USDT connected Tron, Garcia noted.
The USDT proviso connected the Tron network surpassed $80 cardinal successful June, with its fast, low-cost transfers making it an perfect enactment for sending integer dollars successful processing countries
Number of Bitcoin merchants has fallen successful Colombia
BTCMaps information shows that the fig of merchants accepting Bitcoin successful Colombia has dropped to 62, down from 106 successful September 2023.
Among the astir notable departures was MIND Crypto Caffe Medellín, antecedently located successful the bosom of El Poblado, Medellín’s astir touristy neighborhood, with photos from May 2024 connected X showing the abstraction being dismantled.
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