Colombians may soon save with stablecoin through the new MoneyGram app.

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MoneyGram will launch a digital application in Colombia, allowing users to receive, store, and transfer USDC – a stablecoin pegged to USD. The application uses the Stellar network and Crossmint for self-managing wallets, enabling fast international money transfers without the need for a storefront.

Colombia is a test market due to its large remittance volume. The application helps people store assets more stably as the peso has depreciated by nearly 12%. Users only need to go to MoneyGram when they want to exchange USDC for pesos. In the future, there may be savings incentives. The application will be available on the App Store and Play Store, and users need to register for a waiting list to have their accounts approved.

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