Key highlights:
- MoneyGram has joined Solana as a validator to extend its crypto infrastructure ambitions.
- The remittance giant is eyeing an expansion of its stablecoin offerings.
- Solana has courted major institutional players to the network.
Solana’s red-hot streak of institutional partnerships continues with MoneyGram becoming the latest player to join the network as a validator. MoneyGram joins an exclusive group of financial sector players, including Coinbase, Kraken, and Binance, as validators on the Solana network.
MoneyGram deepens blockchain infrastructure role on Solana
Payments services firm MoneyGram has
Alongside the announcement, MoneyGram disclosed that it has joined the Solana Developer Platform, teeing it up to build and scale compliant financial products on Solana. The remittance company revealed that it will lean on Solana’s infrastructure to deepen its stablecoin infrastructure.
“We believe the future of global money movement will be built on open, interoperable stablecoin rails that anyone, anywhere can access,” added Soohoo.
Solana expands institutional and enterprise footprint
Solana has seen major players flock to its ecosystem in recent months, underscoring the network’s institutional capabilities. Hours before the MoneyGram announcement, South Korea’s Toss Bank partnered with Solana for stablecoin remittances, extending the streak of enterprise utility.
Both announcements triggered a small rally for SOL, with the native token trading at $73 at press time. Amid the disclosures, 24-hour trading volumes have surged by nearly 30% to settle at $2.41 billion.
Last week, Moody’s rolled out credit ratings on Solana, putting the network at the forefront of the tokenization race with Ethereum.
Meanwhile, Visa has turned to Solana for stablecoin settlements with institutional trading desks like B2C2 using the network for stablecoin payments. Furthermore, financial heavyweights like BlackRock have since launched tokenized money market funds exceeding $500 million on Solana.
Source:: MoneyGram becomes a Solana Validator in Major Blockchain Infrastructure Push