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Moneygram, a remittance industry giant, is gearing up to include stablecoin-powered operations for its cross-border transactions in Latam, adopting USDC in collaboration with Crossmint. The move aims to cut costs and retain users who are pivoting to stablecoins. Moneygram Pushes Stablecoins in New App to Debut in Latin America Moneygram, a global remittance platform servicing … Read more
Sofi (NASDAQ: SOFI) has announced the launch of its international money transfer service, allowing members to send funds abroad directly from the Sofi app with lower fees and faster delivery than traditional remittance providers. The service will utilize technology from Lightspark, which leverages the Bitcoin Lightning Network and Universal Money Address (UMA) to facilitate seamless … Read more
Western Union is set to expand its global reach with a $500 million Intermex acquisition, adding Intermex’s Ripple partnership to its arsenal of cross-border payment capabilities. Western Union Accelerates Global Expansion with Intermex Acquisition Western Union (NYSE: WU) and International Money Express Inc. (Intermex) (NASDAQ: IMXI) announced on Aug. 10 that they have entered into … Read more
Marshall Long, an OG bitcoiner, recounted how he had to resort to stablecoins to send a remittance to a worker’s family in Iran. Long noted that stablecoins, rather than bitcoin, are more useful during times of strenuous conflict due to the availability of fiat ramps. Stablecoins, Not Bitcoin, Completed This Tricky Remittance A story posted … Read more
According to a report by Chainalysis and AUSTRAC, cryptocurrency rails for remittances are booming in Latam. This use case, which previously struggled to gain momentum, is currently experiencing significant growth, with volumes increasing by over 40% in 2024 and the potential for further growth as stablecoins go mainstream. Cryptocurrency Remittances Grow 40% in Latam With … Read more
Numbers from the Central Bank of El Salvador indicate that crypto remittances sent to El Salvador fell by 45% compared to the first four months of 2024. Crypto flows sent from abroad accounted for less than 1% of all funds sent by foreigners to family and friends. Crypto Remittances Keep Failing to Reach Widespread Adoption … Read more
Banco Industrial, the largest bank in Guatemala, has announced the integration of Sukupay, a crypto-based cross-border payment provider, to power its remittance services. Using Sukupay, Banco Industrial now offers its customers remittances at a flat fee of $0.99, allowing them to receive these funds in their bank accounts. Michel Caputi, Head of the Strategic Alliances … Read more
If Trump’s bill is passed as it stands, it would introduce a 5% tax on remittances affecting over 40 million people. Analysts warn that this could spur the use of alternative options, such as crypto, to ensure these funds reach their destination while avoiding the proposed tax. ‘Big, Beautiful Bill’ Remittance Tax May Spur Crypto … Read more
According to the Reserve Bank of El Salvador, the use of crypto to make remittances to the country has consistently accounted for less than 1% of the total share since October 2024. Adoption of Crypto for Remittances Falters in El Salvador Crypto remittances, one of the main use cases for promoting bitcoin worldwide, have failed … Read more
Philippine banks are collaborating to launch the PHPX stablecoin for real-time remittances, leveraging Hedera’s DLT network and cross-border payment solutions. Go to Source
