MoneyGram Taps Fireblocks to Power Stablecoin Settlements

MoneyGram has entered a new phase in its payment business by choosing Fireblocks to handle stablecoin settlements. The move shows how the company is trying to make cross-border transfers faster, smoother, and more reliable for its global users.

MoneyGram Deepens Its Shift Toward Digital Settlement

MoneyGram serves more than 50 million people each year across over 200 territories. The scale of its operations has made it a major name in the remittance industry, especially for customers who depend on physical outlets to send money across borders. 

According to the update, the new deal with Fireblocks gives the company fresh tools for day-to-day settlement work. Fireblocks will supply a stablecoin system and a programmable layer that supports the movement of funds across different blockchains.

The head of Fireblocks, Michael Shaulov, said MoneyGram is rebuilding its settlement base in real time. The aim is to use a multi-chain setup that cuts delays and reduces faults in cross-border payment flows. 

These upgrades come at a time when long-time rivals like Western Union are facing pressure from cheaper digital services. MoneyGram is trying to hold its ground by improving the core of its operation rather than relying on older rails.

The partnership may also help reduce some of the costs tied to international transfers. One of the early hopes for blockchain was a cheaper, borderless movement of money. Even though it once looked like a threat to remittance companies, MoneyGram is choosing to work with it instead of competing against it.

Fireblocks To Support Transfers Across Several Blockchains

Fireblocks will be in charge of stablecoin settlements and will support real-time value movement across multiple chains. This will allow smoother flow of funds and prepare the system for extra features later on. 

It is worth noting that both companies said they may add new options such as programmable money, which would let users set simple conditions before funds are released.

The Fireblocks team recently launched a network built for companies that need help moving stablecoins tied to the United States dollar. MoneyGram will now rely on that network to strengthen its global reach and give its customers a faster way to move value.

Digital Steps Give MoneyGram A Strong Early Position

MoneyGram believes its past steps in digital currency access and compliance tools give it an advantage. Its chairman, Anthony Soohoo, said the company wants money to move instantly, whether through traditional currency or stablecoins. 

It is important to add that the firm also launched a non-custodial wallet in 2023 that lets users switch between fiat and crypto. The new partnership builds on that path and places MoneyGram firmly inside the next stage of remittance technology.

Outside of this development, MoneyGram recently entered a new partnership with Stellar, aiming to enable seamless fiat-to-crypto transfers globally.