MoneyGram has taken on a new role in the Solana ecosystem by becoming a network validator and joining the Solana Developer Platform, marking a step forward in its blockchain-focused expansion beyond stablecoins and money transfer services.
As of June 22, the money transfer giant now operates an active validator on Solana, where it stakes SOL tokens, processes transaction blocks, and helps maintain the network’s security and performance. It also joined the Solana Developer Platform, a specialized environment tailored for institutions building financial applications on the blockchain.
This move is part of MoneyGram’s broader blockchain strategy, which has evolved over the past five years to encompass treasury management, product innovation, and payment processing. The company’s Chief Product and Technology Officer, Luke Tuttle, emphasized that running a validator allows MoneyGram to actively participate in Solana’s consensus mechanism, thus contributing to network security at the protocol level. He noted that the firm is also designing products to facilitate money movement across various forms of value.
Sheraz Shere, General Manager of Payments and Commerce at the Solana Foundation, said MoneyGram’s involvement highlights how global payment organizations are becoming active network participants as more payment activity shifts on-chain. MoneyGram joins other major institutions like Mastercard in the Solana Developer Platform, which offers tools for building and scaling compliant financial solutions on Solana.
Chief Executive Officer Anthony Soohoo remarked that blockchain infrastructure is now a core part of MoneyGram’s payment systems, and future developments will build on that foundation. He expressed belief that the future of global money movement will rely on open, interoperable stablecoin rails accessible to anyone, anywhere.
While no new payment products were announced in connection with Solana, the company stated that its participation is part of a long-term commitment to open blockchain infrastructure for international remittances.
This announcement follows the recent launch of MoneyGram’s own stablecoin, MGUSD, on the Stellar blockchain. Introduced on June 2 through a partnership with Bridge (a Stripe-owned issuer), the stablecoin uses M0 for minting and burning, with Fireblocks providing custody. MGUSD joins MoneyGram’s growing suite of blockchain-based financial services, including stablecoin remittances, crypto-to-cash withdrawals, and digital dollar products across multiple markets.
MoneyGram previously became an anchor remittance validator on Tempo and a validator for Midnight, Cardano’s privacy-focused sidechain. Solana now marks the third blockchain where the company operates an official validator node. The company also collaborated with Ripple from 2019 to 2021, using RippleNet and XRP-based On-Demand Liquidity before ending the partnership amid the SEC lawsuit against Ripple.