MoneyGram opens Solana apps to global cash network

MoneyGram has expanded its crypto-to-cash infrastructure to Solana, allowing wallets, exchanges and decentralised applications on the blockchain to connect directly with the payments company’s worldwide network for converting digital assets into local currency.

The launch brings MoneyGram Ramps to the Solana ecosystem through a single application programming interface. Developers can now offer cash deposits in more than 25 countries and cash withdrawals across more than 170 countries and territories without creating separate banking connections or building their own cash distribution infrastructure.

The integration potentially gives cryptocurrency applications a physical bridge to traditional money in markets where cash remains an important part of everyday commerce. A customer holding supported digital assets can use a compatible wallet to initiate a withdrawal and collect local currency from a participating MoneyGram location. Users in supported markets can also deposit cash and convert it into digital assets.

MoneyGram Ramps currently enables users to add cash to wallets in exchange for USDC at selected locations and convert USDC back into physical cash. MoneyGram handles identity verification, compliance and settlement behind the transaction, while developers integrate the service into their applications. Bank-account, mobile-wallet and card withdrawal functions are also planned, alongside bank-account and debit-card funding options.

Rift has become the first Solana wallet to integrate the service. Its users will be able to move between cryptocurrency and local currencies through MoneyGram’s network, offering an early test of whether the combination of blockchain wallets and established remittance infrastructure can make digital assets more useful outside trading platforms.

MoneyGram operates a network serving more than 60 million active customers, with nearly half a million retail locations and operations extending across more than 200 countries and territories. Connecting that infrastructure to blockchain applications gives developers access to an existing distribution system rather than requiring each wallet or exchange to establish local payout relationships independently.

The company has been steadily moving blockchain technology deeper into its payments business. It previously developed cash conversion services around Circle’s USDC on Stellar, creating locations where customers could move between stablecoins and physical currency. MoneyGram expanded that strategy in June with MGUSD, its own dollar-backed stablecoin, initially issued on Stellar through Bridge, the stablecoin infrastructure company owned by Stripe.

Its involvement with Solana also extends beyond customer-facing payments. MoneyGram joined the Solana Developer Platform and became an active validator on the blockchain in June, giving the company a role in processing and securing network transactions. The developer platform is designed to give financial institutions access to payments, wallet management, issuance and other blockchain services through standardised APIs.

The Ramps integration advances a broader industry effort to connect stablecoins with conventional payment systems. Stablecoins can move across blockchain networks continuously without the sequence of correspondent banks commonly involved in international transfers. Their usefulness for remittances, however, depends heavily on whether recipients can convert tokens into money they can readily spend.

Cash infrastructure is therefore becoming an increasingly important competitive asset as payments companies move into digital currencies. MoneyGram’s approach combines blockchain settlement with its established retail footprint, enabling a recipient to receive value on-chain while still having the option of walking into a physical location for cash. This could be particularly relevant for remittances, freelance payments and aid distribution in areas where banking services are limited or uneven.

Solana has attracted growing interest from established payments companies because of its relatively low transaction costs and rapid settlement. MoneyGram is joining financial groups including Mastercard, Worldpay and Western Union on the Solana Developer Platform, reflecting wider experimentation by traditional payment providers with blockchain-based financial infrastructure.

Arabian Post – Crypto News Network