MoneyGram is betting that blockchain’s biggest success will come when customers never notice it’s being used, with CEO, Anthony Soohoo, saying the remittance company is focused on using the technology behind the scenes to make cross-border payments faster, cheaper and more transparent.
Speaking to media, Soohoo said MoneyGram has shifted from experimenting with blockchain to integrating it into its global payments infrastructure. The company, which serves around 60 million active customers, is using blockchain to reduce settlement times and operating costs rather than promoting crypto as a consumer-facing product.
“I can’t tell you what processor is inside my iPhone,” he said. “I just know it’s faster.”
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MoneyGram has built much of its blockchain strategy around the Stellar network while also becoming a validator on Solana and Tempo. The company recently launched its MGUSD stablecoin, which Soohoo said is designed primarily for use within MoneyGram’s own ecosystem to support future products such as
digital wallets,
reward programs, and
other financial services.
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“If someone’s sending money from MoneyGram to MoneyGram, why shouldn’t it be our own coin?” asked Soohoo.
“Our goal would be to democratize finance for the MoneyGram customer.”
MoneyGram’s ambition, particularly with its MGUSD stablecoin, is to own the infrastructure giving it greater control over costs and future product development.
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Stay tuned to BitKE for deeper insights into stablecoin developments globally.
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