Daily News 19

Tag: MoneyGram

  • Solana Surges to $112 as BSOL Trading Volume Hits $85 Million

    Solana Surges to $112 as BSOL Trading Volume Hits $85 Million

    Key Highlights

    • Solana (SOL) surged 11% to $112, its highest level since January, driven by a massive short squeeze liquidating $36.72 million in bearish derivative positions.
    • The Bitwise Solana Staking ETF (BSOL) jumped 12.04% to $15.54 with $85 million in trading volume, signaling strong institutional appetite for structured staking products.
    • Ecosystem fundamentals strengthened with Project Harmonia linking Solana to Allfunds (€1.9T AUM), tokenized real-world assets exceeding $4 billion, and MoneyGram expanding to 170+ territories.

    SOL Price Breaks $112 as Short Squeeze Triggers Derivative-Led Rally

    Solana’s native token SOL rallied 11% within 24 hours to reach $112 per unit on Friday, marking its highest valuation since January. The sharp ascent was not a spot-market anomaly but a derivative-fueled move underscored by extreme positioning imbalances. According to market data, total liquidations across SOL-linked contracts hit $38.21 million in a single day, with an overwhelming $36.72 million—approximately 96%—stemming from short positions. Only $1.48 million in long liquidations were recorded, confirming a classic short-squeeze dynamic that forced bearish traders to cover at progressively higher prices.

    Bitwise Solana Staking ETF Sees Record Intraday Volume

    Amplifying the bullish momentum, the Bitwise Solana Staking ETF (BSOL) advanced 12.04% to $15.54 per share, printing an intraday trading volume of roughly $85 million. Analysts cited by the source suggest that rising institutional interest in structured staking vehicles is acting as a direct catalyst for underlying asset liquidity. The ETF’s performance mirrors a broader shift: futures volume on SOL reached $12.14 billion over 24 hours, dwarfing the $1.49 billion recorded in spot order books. CoinGlass metrics place global open interest in SOL futures near $7 billion, indicating that leveraged derivatives remain the primary price-discovery venue for the asset.

    Institutional Infrastructure Expands via Project Harmonia and RWA Growth

    Friday’s price action coincided with a cluster of fundamental milestones. The Solana Foundation this week unveiled Project Harmonia, a strategic integration connecting the network’s infrastructure with Allfunds, the world’s largest fund distribution network. Allfunds manages nearly €1.9 trillion in assets and interconnects more than 3,300 investment managers and financial institutions, potentially opening a massive traditional-finance distribution channel for Solana-based products.

    In parallel, on-chain data reveals that the total value of tokenized real-world assets (RWA) on Solana has surpassed $4 billion, with the number of addresses holding such instruments exceeding 350,000 active accounts. The xStocks platform alone reported more than $500 million in assets under management. Payment rails are also widening: MoneyGram Ramps recently enabled services on Solana, allowing fiat deposits from over 25 countries and cash withdrawals across more than 170 territories.

    Protocol Upgrade Targets Sub-200-Millisecond Block Times

    On the technical front, core developers are executing a staggered reduction in slot duration—from the current 400 milliseconds toward a final target of 200 milliseconds. Specifications disclosed in August outline the phased approach, and the community’s attention is now fixed on the completion of the testing phase scheduled for late September. That milestone will evaluate the protocol’s performance under high transaction demand, a critical stress test as the network onboards institutional-grade throughput requirements.

    Why This Matters

    The convergence of a violent short squeeze, record ETF volume, and accelerating institutional infrastructure marks a potential regime change for Solana. For months, the narrative centered on retail-driven memecoin activity and periodic network outages. Friday’s data suggests a structural shift: derivatives markets are deepening, traditional asset managers are plugging in via Allfunds, and real-world asset tokenization is crossing the $4 billion threshold. If the September block-time upgrade delivers as planned, Solana will offer a combination of speed, institutional connectivity, and regulated product access—BSOL being the first U.S.-listed staking ETF—that few competing layer-1 blockchains can match. The next catalyst watchpoints are the September testnet results, BSOL flow data, and whether RWA issuance sustains its exponential trajectory.

    Frequently Asked Questions

    What caused Solana’s 11% price jump to $112?
    A massive short squeeze in the derivatives market forced the liquidation of $36.72 million in short positions—96% of total liquidations—driving spot prices higher as bearish traders rushed to cover.
    How significant is the Bitwise Solana Staking ETF (BSOL) volume?
    BSOL traded approximately $85 million in a single session alongside a 12.04% price gain, indicating strong institutional demand for regulated, yield-bearing Solana exposure and suggesting ETF flows are now a material liquidity driver for SOL.
    What is Project Harmonia and why does it matter?
    Project Harmonia is a Solana Foundation initiative that integrates the blockchain with Allfunds, the world’s largest fund distribution network (€1.9T AUM, 3,300+ institutions). It creates a direct pipeline for traditional asset managers to distribute Solana-based financial products.
  • MoneyGram Launches Visa Stablecoin Card in Colombia

    MoneyGram Launches Visa Stablecoin Card in Colombia

    MoneyGram has launched a Visa stablecoin card in Colombia, giving eligible customers access to dollar-linked balances, card payments and local cash collection. The virtual MoneyGram Card became available through the company’s mobile application on September 10, with support for Apple Wallet and Google Wallet for online and contactless payments wherever Visa is accepted.

    Product architecture and partners

    The Dallas-based payments company developed the product with stablecoin infrastructure provider Rain. Crossmint supplies the wallet technology embedded in the MoneyGram app, while the Stellar network handles the blockchain transactions that power the service. Colombia is the first market for the card; MoneyGram plans to expand to additional countries in the coming months and introduce a physical version before the end of 2026. The company has not disclosed the next target markets, pricing structure or an exact release date for the physical card.

    Spending and cash access in one app

    Within the MoneyGram app, eligible customers can apply for the virtual card and manage their balance and transactions. The card lets users hold a stable-dollar balance and spend it through Visa’s merchant network without leaving the MoneyGram application. Cardholders who need physical currency can send money to themselves and collect local cash from a participating MoneyGram location. The initial virtual product does not provide direct ATM withdrawals, according to the release. MoneyGram expects the planned physical card to add ATM access and purchases at locations where digital wallets are unavailable.

    “We’re giving customers more freedom and control to manage their money, all in one place,” Chairman and CEO Anthony Soohoo said. He described the product as combining “a stable-dollar balance, everyday spending and cash access” inside MoneyGram’s existing service.

    Stablecoin backing and regulatory context

    The company did not identify which stablecoin backs customer balances, explain its reserve arrangement or publish redemption terms in the announcement. Its description of a “stablecoin-backed card” confirms that blockchain-based dollar value funds the product, but it does not say whether customers directly hold tokens or a platform balance representing them. MoneyGram has presented the card as a product for eligible users worldwide, though availability will depend on each launch market, local regulations and the company’s rollout schedule.

    Under the U.S. GENIUS Act, payment stablecoins must meet rules covering permitted issuers, reserve assets, redemption and monthly disclosures once the applicable provisions take effect. Crypto.news has detailed how U.S. stablecoin issuers face reserve and licensing requirements, although MoneyGram’s release does not identify MGUSD as the asset backing its Colombian card. The company has not said whether future versions will support multiple stablecoins or blockchain networks.

    Partner roles and MoneyGram’s scale

    Rain supplies the card infrastructure connecting stablecoin balances with the Visa payment network. The New York-based company provides card and wallet technology for businesses offering stablecoin-funded payments. Crossmint handles the wallet component used inside MoneyGram’s application. Stellar provides the public blockchain on which the product’s underlying digital transactions operate, according to MoneyGram.

    MoneyGram retains the customer-facing relationship through its app and cash network. The company reports more than 60 million active customers, operations across over 200 countries and territories, and nearly 500,000 retail locations. All three figures come from MoneyGram and were not independently audited in the card announcement.

    Colombian market and competitive landscape

    The Colombian debut places the card in a market where financial companies are testing blockchain-based settlement and foreign-exchange systems. In related coverage, crypto.news reported that two Colombian financial institutions joined a 24/7 settlement network, including state-owned Banco Agrario.

    Rain worked with Western Union on a separate Visa stablecoin card announced in August. Western Union’s Stablecard lets eligible recipients hold dollar-backed stablecoins and spend through Visa, giving both major remittance providers card products built with the same infrastructure company.

    MoneyGram’s stablecoin strategy evolution

    MoneyGram introduced MGUSD on Stellar in June 2026 for treasury management, settlement and foreign-exchange activity. The company said at the time that the dollar-linked token would initially become available in the U.S., followed by other markets. Its stablecoin strategy later extended to MoneyGram Ramps, an application programming interface linking digital wallets with its physical cash network. An August integration brought the service to Solana, letting supported wallet users deposit or withdraw value through participating locations.

    The card gives customers a spending function on top of MoneyGram’s digital balance and cash services. People can retain dollar-linked value, pay merchants through Visa or collect local currency through the company’s retail network.

    Remittance cost benchmarks

    The World Bank’s September 2025 remittance-pricing report found that the global average cost of sending $200 was 6.36% during the third quarter of 2025. Digital remittances averaged 4.59%, compared with 7.30% for nondigital services. Debit cards carried the lowest average cost among the payout methods measured. Disbursing a remittance through a debit card cost 3.61% across the 48 services in that category. Mobile wallets averaged 3.18% in the World Bank’s separate prospective-services index, where debit-card data were unavailable.

    For funding a transfer, credit and debit cards became the cheapest measured instrument at 4.39%. Cash-funded transfers averaged 7.01%, while bank-account funding cost 8.69%. The World Bank dataset covered 48 sending countries, 105 receiving countries and 367 corridors. MoneyGram and Western Union appeared in the International Money Transfer Operator Index because their services covered 90% and 95% of the tracked corridors, respectively.

    MoneyGram has not published the fees, foreign-exchange spread or card-transaction charges applying to its Colombian product. The planned physical card is scheduled for late 2026, when MoneyGram expects to introduce ATM withdrawals and in-person payments beyond locations supporting digital wallets.

  • MoneyGram Launches Stablecoin-Backed Card as Digital Dollars Enter Everyday Spending

    MoneyGram Launches Stablecoin-Backed Card as Digital Dollars Enter Everyday Spending

    Global remittances firm MoneyGram is expanding its stablecoin strategy into everyday retail spending with the launch of a new Visa debit card that allows customers to hold and spend a U.S. dollar-denominated balance anywhere Visa is accepted.

    MoneyGram Card Launches First in Colombia

    The MoneyGram Card will debut in Colombia, with plans to roll out to additional markets over the coming months, the company announced Thursday. Users can register through the MoneyGram app, add the virtual card to mobile wallets, and use it for online purchases or in-store transactions. The card also enables customers to send money to themselves for cash pickup in local currency at MoneyGram agent locations.

    USDC Stablecoin Integration With MGUSD Planned

    The card will initially operate using Circle’s USDC stablecoin, with MoneyGram’s own MGUSD token slated for integration afterward, the company confirmed to CoinDesk. A physical version of the card is expected later this year and will support ATM withdrawals.

    Development partners include stablecoin payments firm Rain, wallet infrastructure provider Crossmint, and the Stellar blockchain network.

    Stablecoins Move Beyond Crypto Trading Into Daily Finance

    The launch reflects a broader shift in how dollar-linked tokens are being used. Stablecoins have evolved from their origins as trading instruments in cryptocurrency markets into practical tools for cross-border payments, remittances, and corporate treasury management. Debit cards linked to stablecoin balances now offer consumers a familiar way to spend those funds through existing payment networks.