1 month ago
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Key Takeaways
- “First” applies to MoneyGram, not Colombia.
- Colombia received $13.1 billion in remittances.
- Merchants can continue receiving local currency.
- Fees determine the product’s practical value.
The distinction around “first” is important. This is MoneyGram’s first stablecoin-backed Visa card, but it is not the first product of its kind available in Colombia. Western Union launched its Stablecard across 37 markets in August, including markets where demand for dollar-linked balances is already visible.
A $500 transfer can be converted gradually
A recipient collecting a $500 transfer in Colombian pesos converts the full payout at the provider’s applicable rate. If MoneyGram’s card keeps the funds in a stablecoin until they are used, a $100 purchase could convert only the amount needed for that transaction, leaving the remaining $400 ...
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