TLDR
- MoneyGram partners with Fireblocks to integrate stablecoin payments and cross-border settlements across its global network in over 200 countries.
- The integration allows real-time value transfers across multiple blockchains while reducing MoneyGram’s need to pre-fund accounts worldwide.
- MoneyGram serves over 50 million customers annually and will use Fireblocks’ infrastructure to enable faster digital wallet transfers backed by stablecoins like USDC.
- Fireblocks secures over $5 trillion in digital asset transfers annually and will provide programmable settlement layers for MoneyGram’s operations.
- Future plans include programmable money features with escrow-like transactions and enhanced liquidity pathways across multiple blockchain networks.
MoneyGram announced a partnership with Fireblocks on Thursday to bring stablecoin-powered payments to its global network. The deal marks a shift in how the remittance company handles cross-border settlements.
The payments company will use Fireblocks’ digital asset infrastructure to process transfers across more than 200 countries. This includes enabling stablecoin transfers across multiple blockchains and streamlining liquidity management.
MoneyGram serves over 50 million customers each year. The new system will reduce the need to pre-fund accounts around the world.
MoneyGram International, Inc., MGI
Customers sending money to family members in other countries could see near-instant arrival of funds into digital wallets. These transfers would be backed by stablecoins such as USDC.
The backend improvements will help MoneyGram reconcile payments faster. The system reduces friction tied to local banking systems and capital requirements.
Fireblocks Infrastructure Powers Settlement Layer
Fireblocks secures over $5 trillion in digital asset transfers annually. The company’s technology will act as the programmable layer behind MoneyGram’s stablecoin operations.
This gives MoneyGram more control over how it routes value across chains and jurisdictions. The integration includes a programmable settlement layer designed for smoother payment flows.
Michael Shaulov, co-founder and CEO of Fireblocks, said the multi-chain infrastructure upgrades the speed and reliability of global payments. The partnership focuses on increasing payment speed while maintaining reliability.
MoneyGram has been building its blockchain capabilities for some time. The company has invested in digital currency on/off-ramps and crypto compliance infrastructure.
In 2023, MoneyGram introduced a non-custodial digital wallet. This wallet allows users to convert between fiat and cryptocurrency.
Anthony Soohoo, Chairman and CEO of MoneyGram, said the company is leading the next era of money movement. He stated that money can now move instantly across any channel, whether fiat or stablecoin.
Expansion Plans Include Programmable Features
The partnership will continue to evolve with new features planned for the future. MoneyGram and Fireblocks intend to introduce programmable money capabilities.
These features would enable escrow-like transactions. Funds would only be released when specific conditions are met.
The companies also plan to enhance liquidity pathways. Fireblocks’ infrastructure will help ensure more resilient transaction routes for customers.
This could lead to lower costs and improved efficiency. The integration reflects growing use of digital wallets in the remittance business.
Senders want faster and cheaper transfers. Receivers are increasingly using digital wallets to manage everyday finances.
The GENIUS Act introduced regulations for the $300 billion crypto sector in the U.S. This gave financial institutions and businesses a boost to embed stablecoins in their operations.
The partnership builds on MoneyGram’s earlier efforts to integrate digital currency tools. The move reflects the broader trend of remittance companies evolving beyond cash pickup points.
As the integration progresses, the companies anticipate additional blockchain support. Further optimizations in payment processing are expected to roll out over time.
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