MoneyGram becomes Solana validator, expands blockchain payments strategy

MoneyGram has become an active validator on the Solana blockchain, expanding its role in crypto infrastructure as the remittance company builds more of its payments business around stablecoins.

The company will stake SOL, process transaction blocks and contribute to the security, integrity and performance of Solana’s proof of stake network. The move places MoneyGram directly inside the infrastructure used to confirm transactions rather than simply building products on top of the blockchain.

MoneyGram also joined the Solana Developer Platform, an artificial intelligence ready and API driven platform designed to help institutions build and scale compliant financial products on Solana. The company joins early participants including Mastercard.

“Running a validator puts MoneyGram inside Solana’s consensus,” MoneyGram Chief Product and Technology Officer Luke Tuttle said. “We help run the rails we move money on.”

Solana is now the third blockchain where MoneyGram operates an official validator, alongside payments focused network Tempo and the Midnight Network. The company said institutions that depend on blockchain infrastructure should also contribute to its security, resilience and long term development.

The announcement extends a blockchain strategy that MoneyGram has been building for more than five years. The company has integrated stablecoins into its treasury, product development and payment operations while developing services that connect digital assets with its global cash network.

MoneyGram recently launched MGUSD, its dollar backed stablecoin built on Stellar through partnerships with Stripe owned Bridge, M0, Fireblocks and other infrastructure providers. It has also developed stablecoin cash ramps with Stellar and expanded crypto to cash services through a partnership with Kraken.

Its validator role and participation in the developer platform give MoneyGram a foundation for building future payment and settlement services across several blockchain networks.

MoneyGram Chairman and CEO Anthony Soohoo said the company expects global money movement to increasingly rely on open and interoperable stablecoin infrastructure that can connect users across markets and different forms of money.