FinanceMoneyGram Enhances Crypto-to-Cash Services on Solana
Users can now leverage MoneyGram's extensive network to exchange between digital currencies and local money through Solana wallets and applications.
By Krisztian Sandor|Edited by Jamie Crawley58 min ago2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on
Anthony Soohoo, Chairman and CEO of MoneyGram, speaking at Consensus 2026 (CoinDesk)Summary
- MoneyGram is expanding its cash-to-crypto service, MoneyGram Ramps, to the Solana blockchain, enabling wallets, exchanges, and developers to connect with its global cash network.
- This service facilitates conversions between cash and digital assets, with support for cash deposits in over 25 countries and withdrawals in more than 170 regions worldwide.
- This initiative strengthens MoneyGram’s focus on stablecoin payments and remittances, following its previous collaboration with Stellar for a USDC cash-on/off-ramp and the introduction of its own dollar-pegged stablecoin, MGUSD.
MoneyGram is launching its cash-to-crypto capabilities on the Solana (SOL) blockchain, which enhances the company’s efforts to connect traditional money transfer services with blockchain technology, enabling a seamless exchange between stablecoins and digital wallets.
The company announced on Tuesday that MoneyGram Ramps is now accessible to developers, wallets, and exchanges operating on Solana. This service allows users to convert cash into digital assets or withdraw cash using MoneyGram’s payment network, eliminating the need for each cryptocurrency application to establish its own banking and cash outlet connections.
With this service, crypto holders can convert their assets into local currency via MoneyGram's network, while also being able to deposit cash to obtain digital assets. Ramps supports cash deposits in over 25 countries and withdrawals in more than 170 countries and territories, according to the company.
This launch aligns with the growing trend of using stablecoins for purposes beyond crypto trading, such as in payments and remittances. Financial technology firms, banks, and payment processors are increasingly exploring dollar-pegged tokens to facilitate cross-border transactions without depending on a network of correspondent banks.
MoneyGram, which caters to approximately 60 million active customers, believes that blockchain technology can enhance the speed, cost-effectiveness, and tracking of cross-border transfers while keeping the underlying technology invisible to customers. The Ramps service integrates digital assets with MoneyGram’s extensive physical network, assisting everyday users in converting tokens to local cash.
“The future of payments is built on access,” stated MoneyGram CEO Anthony Soohoo. “Bringing MoneyGram Ramps to Solana is another step toward building a truly open, global payments network.”
Over the past few years, MoneyGram has been developing connections between its established payment system and cryptocurrency. In 2022, it launched a service with the Stellar Development Foundation that enabled users to switch between cash and Circle's USDC stablecoin via its retail network, providing crypto wallets with physical points for accessing digital dollars.
The company further advanced this strategy in June by introducing MGUSD, its own dollar-backed stablecoin created by Bridge, a stablecoin infrastructure firm owned by Stripe, on the Stellar XLM$0.1603 network.
MoneyGram has also strengthened its relationship with Solana, becoming a validator in June, which aids in processing and securing transactions on the blockchain.
Additionally, MoneyGram was recognized as a partner in Open USD, a stablecoin initiative led by Stripe aimed at revenue sharing among a consortium of backers.
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