MoneyGram, one of the world's leading global payments networks, is using Checker to bring stablecoin capabilities to its treasury and FX operations.
Backed by more than 85 years in global payments, MoneyGram serves over 60 million active customers across 200+ countries and territories, through nearly 500,000 retail locations and billions of digital endpoints.
Most of today's stablecoin news around remittances is about what customers see, like wallets and apps. Checker works behind the scenes, directly with MoneyGram’s treasury team, giving it liquidity access using stablecoins for its treasury and FX operations.
"As we continue to adopt stablecoins, partnerships like this help us bring new technologies into our operations in a practical and seamless way."
— Chris Kelliher, Director of Foreign Exchange at MoneyGram.
When someone sends money internationally, the recipient expects to collect local currency the same day, often within minutes. Treasury teams play an important role in ensuring liquidity is available across payout markets.
Every dollar held in a payout account abroad is tied up until a customer needs it. How quickly and cheaply those accounts get topped up decides how much cash a network has to keep parked around the world.
To top up a local currency account in another country, most treasury teams send an international bank wire. That payment can pass through one or more correspondent banks, each adding fees and its own cut-off time, and nothing moves outside banking hours.
With stablecoins, the institution converts dollars into USDC, which can be transferred at any hour, including weekends. A local provider then converts the USDC into local currency and pays it into the institution's account in that market. The local leg still runs on banking hours, but the international hops in the middle are gone, and the team can see where the funds are at every step.
Funding payout accounts with stablecoins on your own means finding, vetting, contracting and integrating exchanges, OTC desks, and local payment providers in each market, then doing it all again for the next corridor.
Checker is a global network that gives financial institutions access to liquidity, payments, trading, and treasury services through a single connection. For MoneyGram, that provides an additional option for accessing liquidity as part of its treasury and FX operations.
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MoneyGram uses stablecoins in treasury alongside its existing banking services. Every remittance company and payment network has to keep payout accounts funded, and through Checker they can use stablecoins to do it without replacing the banking relationships they already rely on.
MoneyGram joins 35+ regulated financial institutions across five continents that use the Checker network. MoneyGram’s use of Checker shows how stablecoins can support practical treasury and FX use cases within global payment networks.
If you run treasury or FX at a remittance company or international payment network, talk to us about how you’re funding payout accounts today.
