MoneyGram expands on Solana with global crypto-to-cash service

MoneyGram is bringing its cash-to-crypto infrastructure to Solana (SOL), extending the money-transfer company’s push into blockchain rails to connect stablecoins and digital wallets with its sprawling global cash network.

The company said Tuesday that MoneyGram Ramps has become available to wallets, exchanges and developers building on Solana. The service lets users convert cash into digital assets or cash them out through MoneyGram’s payment network without each crypto app having to build its own connections to banks and cash outlets.

The service allows someone holding crypto in a supported wallet to turn it into local currency using MoneyGram’s network. Users can also deposit cash to access digital assets. Ramps supports cash deposits in more than 25 countries and withdrawals across more than 170 countries and territories, the firm said.

The move comes as stablecoins are increasingly being used beyond crypto trading, in payments and remittances. Fintechs, banks and payment companies are increasingly experimenting with dollar-pegged tokens to move money across borders without relying on chains of correspondent banks.

MoneyGram, which serves roughly 60 million active customers, views blockchain rails as a way to make cross-border transfers faster, cheaper and easier to track, without requiring customers to think about the technology powering them. Ramps fits into the vision as it connects digital assets into MoneyGram’s extensive brick-and-mortar network to help everyday customers turn tokens into local cash.

“The future of payments is built on access,” MoneyGram CEO Anthony Soohoo said in a statement. “Bringing MoneyGram Ramps to Solana is another step toward building a truly open, global payments network.”

MoneyGram has spent several years building connections between its traditional payments network and crypto. In 2022, it rolled out a service with the Stellar Development Foundation that allowed users to move between cash and Circle’s USDC stablecoin through its retail network, giving crypto wallets a physical entry and exit point for digital dollars.

The firm took that strategy further in June, announcing MGUSD, its own dollar-backed stablecoin issued by Bridge, the stablecoin infrastructure company owned by Stripe, on the Stellar XLM$0.1605 network.

The company has also been deepening its ties with Solana, becoming a validator in June, helping process and secure transactions on the network.

MoneyGram was also listed as a one of the partners in Open USD, the Stripe-led stablecoin initiative that aims to share revenue with a consortium of backers.