Colombians Gain New Way to Save in USDC as Peso Falls

Synopsis– Colombians will soon gain access to MoneyGram’s new crypto app, which allows users to receive and store USDC stablecoins directly. The app, powered by the Stellar network and Crossmint, will launch soon in the Apple App Store and Google Play Store.

MoneyGram described Colombia as an “ideal market” for this launch, citing the high volume of remittances flowing into the country. Families in Colombia receive over 22 times the money they send abroad, highlighting the importance of dependable transfer services. Instead of receiving physical cash, users will now be able to store their funds in USDC, pegged closely to the US dollar. By holding stablecoins, Colombians can preserve value during times of peso depreciation. This provides a practical way to combat the nearly 12% decline of the local currency against the dollar since early April.

Stable Option for Day-to-Day Savings

The new service allows Colombians to access funds almost instantly, without visiting a MoneyGram branch every time. MoneyGram’s app design makes stablecoin storage easy, bridging cash and crypto. Users can later swap USDC for pesos at physical outlets whenever they choose to spend. The convenience of digital transfers could reduce friction in remittance usage, especially for families depending heavily on money sent from overseas.

MoneyGram also hinted at additional savings opportunities within the app. Customers may soon earn incentives on deposits, adding an investment element to the new service. Financially, this step could reshape how Colombians blend local spending with international remittance flows.

USDT Still Dominates Colombian Market

Despite the new offering, Tether’s USDT stablecoin continues to dominate Colombia’s crypto activity. José Luis Garcia, a Colombian crypto user, told Cointelegraph that most digital dollar transfers in the country flow through Binance’s peer-to-peer platform. El Dorado P2P, another popular application, also allows users to swiftly transfer USDT through the Tron network.

Tron’s low-cost, fast transactions help explain USDT’s preference in developing markets, where affordability and speed remain critical. Reflecting this demand, the USDT supply on Tron surpassed $80 billion in June, cementing its role as the primary stablecoin tool for users in Colombia.

Bitcoin Payments Lose Momentum in Colombia

While stablecoins grow, Bitcoin’s presence on the ground has fallen. According to BTCMaps, the number of merchants accepting Bitcoin in Colombia dropped to 62 from 106 last September. The closure of MIND Crypto Caffé Medellín, once a known Bitcoin-friendly café in El Poblado, further illustrates this decline.

For many Colombians, volatile assets like Bitcoin are less attractive than stablecoins for daily use. Therefore, USDC and USDT are positioned as practical alternatives during inflationary pressure and peso declines. MoneyGram’s entry into this competitive market is expected to give Colombians more choice and help strengthen financial resilience. With global payment providers stepping deeper into crypto, Colombians may rely more on stablecoins as a bridge between digital money and everyday transactions.

Written By Fazal Ul Vahab C H

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