A new collaboration between Singapore’s DBS Bank, Franklin Templeton, and Ripple is set to expand how tokenized assets are used in institutional markets.
Colombia is becoming the latest test case for digital dollars. MoneyGram is rolling out a crypto-powered payments app that lets users receive remittances directly in USDC, aiming to shield them from a falling peso.
The launch comes as the Colombian currency has dropped nearly 12% against the U.S. dollar since April. Families who depend on money sent from abroad often see their savings eroded within months. MoneyGram hopes that offering stablecoins through its mobile app will give households a way to hold onto more value before converting funds into pesos.
The app runs on Stellar and integrates Crossmint for self-custody, meaning users control their stablecoins rather than relying on MoneyGram’s retail counters. Transfers can be held in-app or withdrawn into pesos when needed, and the company says future updates could include yield-style incentives on deposits.
Remittance hub
Colombia’s remittance market makes it a natural pilot country. Local families receive over 20 times more money from overseas than they send out, according to MoneyGram. Shifting these flows into digital dollars could reduce dependence on physical pickup locations and speed up transfers.
Crowded stablecoin landscape
Despite MoneyGram’s global footprint — half a million retail locations worldwide — it enters a market already dominated by Tether. Local traders frequently use Binance’s peer-to-peer exchange and apps like El Dorado to move USDT, most often on the Tron network, which recently surpassed $80 billion in issued supply.
Bitcoin adoption, meanwhile, is shrinking. BTCMaps data shows the number of Colombian merchants accepting BTC has fallen by nearly half since last year, with closures such as Medellín’s well-known MIND Crypto Caffe.
By leaning on stablecoins instead of Bitcoin, MoneyGram is wagering that Colombians want stability over speculation. If successful, the pilot could expand beyond remittances and into broader digital finance services across Latin America.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/moneygram-launches-usdc-app-in-colombia-as-peso-slides/