What to know:
- MoneyGram Ramps is live on Solana, giving builders API access to its global payments network.
- MoneyGram leverages its existing licensing footprint and its USDC cash-out partnership with Stellar, rather than building new rails.
- The launch addresses a key barrier to blockchain adoption: fiat access, especially in emerging markets.
In partnership with Solana, MoneyGram has merged its cash infrastructure through MoneyGram Ramps. Developers working with blockchain can now access MoneyGram’s payment network via API.
The launch allows a high-performance, low-latency, large-scale, and very scalable SOL ecosystem to link with one of the world’s largest remittance networks. This remittance network connects MoneyGram’s 60 million customer base with almost 500,000 locations selling MoneyGram globally at different points and places.
Bridging Legacy Payments and SOL Infrastructure
MoneyGram Ramps is a single API layer that allows moving between cash, bank accounts, and stablecoins without intermediaries. MoneyGram has been operating a USDC cash-out service together with Stellar. This integration is mainly helpful as MoneyGram, a financial service provider, doesn’t need to invest money in creating and rolling out physical rails.
Rather, MoneyGram has its existing licensing infrastructure and partnerships with Stellar for USDC cash-out. MoneyGram’s CEO, Alexander Gurevich, said that SOL, besides being among crypto platforms with high performance for handling transactions speed and cost-effectiveness besides other features is also very user and business-friendly.
Also Read: Solana Price Holds $74.50 as $38M Whale Long Emerges
Why Fiat Access Is an Important Factor for Adoption
Fiat access is still a major obstacle to blockchain adoption, mainly in countries where MoneyGram has a large number of offices. The presence of easy-to-use fiat ramps is a major factor that will enable exchanges, wallet providers, devs, and major parties to use stablecoins for settlement and remittances, and even to conduct treasury operations without major hurdles.
Besides, it is a reflection of increasing acceptability of Solana by institutional investors. This is supported by the fact that the Truth is developer community and stablecoin volume have both been on an upward trend after the 2024 network recovery.
Also Read: Solana (SOL) Targets $97.50 After Wedge Breakout and Whale Accumulation
Market Background and the Future of It
This move comes as part of a bigger storyline in which traditional players in payments business embed themselves into the world of blockchain networks.
Source: Solana’s X Post
The announcement coincided with Visa, Mastercard, and Stripe expanding their stablecoin initiatives. Solana must face Ethereum, Base, and Tron more strongly when they decide to play in the field of payments market segment.
Also Read: Solana Price Targets $120 as Stablecoin Liquidity and Network Revenue Rise
Be the first to comment