MoneyGram's CEO says blockchain works best when customers don't know it's there

MoneyGram CEO Anthony Soohoo discussed the company’s evolving blockchain strategy in a CoinDesk interview at Consensus 2026, emphasizing that blockchain technology is most effective when customers do not have to be aware of its presence. The company’s focus is on modernizing cross-border payments by using blockchain to make remittances faster, cheaper, and more transparent, while maintaining a seamless experience for its roughly 60 million active users. Soohoo highlighted that blockchain infrastructure enables real-time, around-the-clock settlement, reducing operational costs and improving the customer experience compared to traditional payment systems that depend on banking hours and intermediaries.

MoneyGram has partnered with the Stellar network for the past five years and continues to consider Stellar a core partner. However, it is expanding its blockchain involvement by taking on validator roles in other networks, such as Solana and Tempo. The company’s use of blockchain is primarily aimed at improving financial infrastructure rather than engaging in speculative crypto activities. Soohoo noted that the firm’s blockchain initiatives are designed to help customers save time, effort, and money, and the company hopes to pass savings from lower back-office costs on to customers through reduced fees, which currently start at $1.89 depending on the destination country.

Soohoo explained that consumers prioritize the speed and reliability of sending money rather than the technical details of blockchain, drawing an analogy to how users do not need to know the processor inside their iPhone—they just expect performance. This philosophy also underpins MoneyGram’s stablecoin MGUSD, which is aimed primarily at operating within its own payments ecosystem. The stablecoin strategy supports vertical integration, providing the company greater control over costs and enabling the development of additional financial products like wallets and rewards programs.

Since joining MoneyGram about 18 months ago, Soohoo has expanded his view of blockchain’s potential, seeing it as more than just a product but as an infrastructure tool to solve core customer problems. He pointed out that many financial institutions tend to focus more on announcing blockchain projects than on addressing user needs. Looking ahead, MoneyGram aims to leverage blockchain technology to become the primary financial institution for its largely underbanked customer base while democratizing access to financial services over the next three to five years.