MoneyGram Joins Solana as Validator, Expanding Stablecoin Payments Push

MoneyGram has joined the Solana blockchain as a validator, expanding its stablecoin-based payments infrastructure and taking a direct role in operating a public blockchain network.

CoinDesk reported on June 22 that MoneyGram had become a validator on the Solana blockchain.

Validators on proof-of-stake blockchains process transactions and help maintain network security. By operating a validator, MoneyGram will take part in transaction processing and network security on Solana.

MoneyGram has also joined a Solana developer platform that supports institutions building blockchain-based financial products.

The move is tied to MoneyGram's stablecoin payments strategy. The company recently launched its MGUSD stablecoin on the Stellar blockchain. MGUSD was issued through a partnership with Bridge, which is owned by Stripe.

MoneyGram has been incorporating blockchain technology into remittances and settlement. More recently, it has expanded that strategy beyond using blockchain as a payment rail to direct participation in network infrastructure.

Chief Executive Officer Anthony Soohoo said MoneyGram has integrated blockchain into its payments infrastructure over the past several years and that every service the company is now building draws on that foundation.

"The future of global money movement will be built on open, interoperable stablecoin payment networks that anyone can access from anywhere," he said.

MoneyGram is building payments infrastructure across multiple open networks rather than relying on a single blockchain. The company recently also became an anchor validator for Tempo, a payments-focused blockchain.

The market views MoneyGram's move to join Solana as a validator as part of a broader effort by a traditional remittance company to expand its role in the stablecoin payments market.