Revolutionizing Global Payments with Stablecoin Infrastructure
Fireblocks, a major player in handling over $5 trillion in payments annually, is set to partner with MoneyGram, a leading global payments hub. This collaboration aims to significantly boost stablecoin-based settlements by integrating Fireblocks as the on-chain infrastructure for remittances.
The partnership between MoneyGram and Fireblocks intends to facilitate faster, low-cost payments with real-time settlements leveraging stablecoin transfers. Fireblocks has already demonstrated its robust capabilities by successfully settling more than $5 trillion in annual transfers, underscoring its readiness for this new venture.
This strategic alliance is poised to connect over 200 countries and territories, encompassing 20,000 payment gateways and nearly half a million retailers worldwide. MoneyGram, which already serves 50 million people for cross-border remittances, brings a key advantage: its ability to track and adhere to local regulatory requirements in every market it operates in. The adoption of the Fireblocks payment system will be integrated as a fully compliant transaction layer within MoneyGram's existing services.
“We are leading the next era of money movement by enabling money to move instantly across any channel – fiat or stablecoin,” said Anthony Soohoo, Chairman and CEO of MoneyGram. “Fireblocks accelerates this vision by giving us the secure, programmable infrastructure to transform global payments at scale.”
MoneyGram will also manage the final stage of transfers, providing global cash on-ramps and facilitating the sale of digital currencies.
Enhanced Security and Programmability for Stablecoin Payments
MoneyGram currently offers stablecoin coverage to 170 countries globally. Fireblocks will build upon this extensive network by providing a more secure stablecoin infrastructure and a programmable settlement layer. This move is also influenced by the potential for stablecoin transfers to circumvent taxation, as previously reported, such as Trump's tariff bill which introduced a 5% tax on remittances, a tax not extended to stablecoin transfers.
The payment company plans to utilize Fireblocks for multi-chain stablecoin transfers, aiming to reduce the need for capital reserves through faster channels and instant stablecoin payments. MoneyGram will also tap into existing stablecoin liquidity pools to streamline settlement processes.
Fireblocks will further enhance this ecosystem by enabling seamless integration with exchanges, thereby increasing available liquidity. This infrastructure will also allow for the onboarding of new types of stablecoins without necessitating fundamental changes to MoneyGram's user experience.
“MoneyGram is rebuilding the rails of cross-border settlement in real time,” said Michael Shaulov, Co-Founder and CEO of Fireblocks. “By moving to a multi-chain, programmable infrastructure, it’s upgrading the speed and reliability of global payments at the foundation layer – where it matters most for the people who rely on these payments every day.”
Fireblocks currently serves over 1,800 organizations, securing more than 550 million wallets worldwide.
The Growing Impact of Stablecoins on Global Payments
Stablecoins have emerged as one of the most significant cryptocurrency use cases, with stablecoin transfers accounting for up to 30% of all crypto activity. The speed and instant settlement capabilities of stablecoins have made them particularly attractive to fintech applications.
An increasing number of end-users are adopting crypto wallets as their primary financial tool, accustomed to the instant arrival of funds. MoneyGram aims to replicate this seamless experience for faster cross-border payments, while still managing the final conversion of funds into immediately usable fiat currency.