MoneyGram is bringing stablecoin savings to Colombia with the launch of its new digital payments app, allowing locals to store value in USDC as the peso continues to slide. The service, powered by the Stellar network and Crossmint’s self-custody technology, gives users the option to save directly in U.S. dollar stablecoins and send money abroad almost instantly.

The company said Colombia was the “ideal launch market,” pointing out that Colombians receive over 22 times more money from abroad than they send. Traditionally, families had to collect remittances in cash from MoneyGram outlets. Now, users can hold their funds in USDC through the app and only visit a store when they need to swap for pesos and withdraw cash. With the Colombian peso down nearly 12% against the dollar since April, the new option provides a more stable way to protect savings.

MoneyGram also hinted at adding incentives on deposits through integrated savings features in the future. The app will be available on both the Apple App Store and Google Play, though Colombian users will need to join a waitlist before being approved.

While MoneyGram pushes USDC, Tether’s USDT remains the dominant stablecoin in Colombia. According to local crypto user José Luis Garcia, most peer-to-peer transactions still flow through Binance and apps like El Dorado P2P, which favor USDT on the Tron network for its speed and low fees. Tron’s USDT supply recently surpassed $80 billion, underscoring its popularity in emerging markets.

Meanwhile, Bitcoin adoption among merchants in Colombia has declined. Data from BTCMaps shows the number of businesses accepting BTC has fallen to just 62, compared with 106 in September 2023. Among those closing doors was MIND Crypto Caffe Medellín, once a well-known crypto hub in the city’s tourist district.