MoneyGram Partners with Fireblocks to Launch Multi-Chain Stablecoin Payment System

Global remittance giant MoneyGram has announced a groundbreaking partnership with digital asset infrastructure leader Fireblocks to introduce a stablecoin-based payment and treasury system. This collaboration represents a significant step in traditional finance's adoption of blockchain technology to improve cross-border money transfers.

The partnership will see Fireblocks provide MoneyGram with "stablecoin infrastructure and a programmable settlement layer" to enhance payment flows and enable value to move across multiple blockchains in real-time. The system will utilize stablecoins like USDC, operating across various blockchain networks to create a more efficient infrastructure for global remittances.

MoneyGram Chairman and CEO Anthony Soohoo stated: "We are leading the next era of money movement by enabling money to move instantly across any channel – fiat or stablecoin." Fireblocks co-founder and CEO Michael Shaulov added: "MoneyGram is rebuilding the rails of cross-border settlement in real time. By moving to a multi-chain, programmable infrastructure, it's upgrading the speed and reliability of global payments at the foundation layer."

The system will work by converting local fiat currency to stablecoins for transfer, then converting back to the recipient's local currency at the destination, shielding users from cryptocurrency volatility while delivering blockchain benefits. Fireblocks' technology will handle custody, transfer, and settlement of stablecoins while maintaining regulatory compliance.

MoneyGram, which serves over 50 million customers annually across more than 200 territories, positions this move as building on its early investments in digital currency infrastructure. The company claims these investments have given it a "first-mover advantage" in the space. In 2023, MoneyGram had announced plans for a non-custodial digital wallet allowing fiat-to-crypto conversions.

The partnership could eventually expand to include additional features such as "programmable money" for escrow-like transactions where funds are released after certain conditions are met, and "more resilient liquidity pathways." This development follows Fireblocks' September launch of an enterprise-grade stablecoin network designed to help crypto and financial firms move USD-pegged tokens.