MoneyGram has joined the Solana blockchain as a validator, expanding its stablecoin and blockchain payments strategy across three networks.
Solana News
MoneyGram has become a validator on theSolana (SOL) blockchain, the company said Monday. The move marks its entry into the Solana ecosystem and makes Solana the third network where MoneyGram runs an official validator, joining Tempo and the Midnight Network.
Operating a validator lets MoneyGram stake SOL tokens, process transaction blocks, and help secure Solana's proof-of-stake network. The company also joined the Solana Developer Platform, which gives it access to tools for building financial products on Solana alongside other institutions, including Mastercard.
MoneyGram Expands Validator Role to Solana Network
MoneyGram CEO and Chairman Anthony Soohoo said institutions that rely on blockchain infrastructure should also help maintain it. "By becoming a validator, MoneyGram contributes to the long-term strength of the ecosystem," he said.
Soohoo said the company has spent more than five years building real-world payment products using blockchain and stablecoins. He described blockchain as a tool for making money movement faster and more accessible, rather than a goal in itself.
Company Builds on Years of Blockchain Payment Work
MoneyGram's MGUSD stablecoin is already built with partners including Stripe-owned Bridge, Crossmint, Fireblocks, M0, and Stellar. Since 2021, the company has worked with Stellar to launch stablecoin cash on- and off-ramps, an API for those ramps, and in-app stablecoin balances. MoneyGram has also recently expanded its off-ramp services through a partnership with crypto exchange Kraken.
MoneyGram previously partnered with Ripple starting in 2019, using RippleNet and XRP-based liquidity products to process billions of dollars in transactions. That partnership ended in 2021 after the U.S. Securities and Exchange Commission sued Ripple over an unregistered securities offering. The case was resolved late last year, building on a 2023 ruling that found XRP itself is not inherently a security. However, Ripple's direct sales to institutional investors were found to violate securities laws.
When asked whether MoneyGram could work with Ripple again, Soohoo said the company was not in a position to comment on any future partnership arrangements.
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