Written by Nate Kostar, Staff Writer. Reviewed by Robert Lakin, Staff Editor.
Written by Nate Kostar, Staff Writer.
Reviewed by Robert Lakin, Staff Editor.
Kraken partners with MoneyGram for global crypto cash-outs
Latest NewsPublishedMay 5, 2026
The partnership enabling conversion of digital assets into cash through MoneyGram’s global network follows a similar move by rival Western Union.
Kraken has teamed up with MoneyGram to let users convert crypto into cash for pickup across more than 100 countries, expanding access to off-ramps through its global retail network.
as reported by Tuesday’s announcement, Kraken users will be able to convert digital assets into local currency and collect cash instantly or near-instantly through MoneyGram’s payout network, which supports hundreds of fiat currencies.
The service will roll out in phases across regions including the US, Europe, Latin America, Africa and parts of Asia-Pacific, with plans to add bank deposits and cross-border payouts later.
Source: Krakenfx
Kraken stated it will handle customer onboarding and compliance, while MoneyGram provides the locally licensed payout infrastructure through its global money transfer network. The initial launch focuses on cash withdrawals, with both companies planning to expand the integration into additional payment rails and remittance-style flows over time.
MoneyGram, one of the largest global remittance providers, operates about 500,000 locations across more than 200 countries and territories, as reported by the company.
Related: Polygon rolls out private stablecoin payments targeting institutions
Stablecoins gain traction in remittances and emerging markets
Stablecoins are playing a growing role in cross-border payments, from remittance companies integrating new rails to rising utilize in emerging markets.
On Monday, MoneyGram rival Western Union introduced its US dollar-denominated stablecoin, USDPT, on the Solana (SOL) network. The token is initially rolling out in Bolivia and the Philippines, with plans to expand to more than 40 countries in 2026, as reported by the company and infrastructure partner Fireblocks.
In March, Western Union revealed its planned Digital Asset Network would allow users to convert digital dollars into local currency at more than 360,000 collection points worldwide.
Speaking at the World Economic Forum in January, economist Vera Songwe stated remittances have become “more crucial than aid” across parts of Africa, highlighting their growing role in household income and cross-border payments.
In Latin America, stablecoins are also seeing increased utilize. A 2025 report from Bitso found they accounted for 40% of crypto purchases among its users, compared with 18% for Bitcoin (BTC). The regional remittance market is estimated at around $174 billion, as reported by commentary from former Bybit executive Claudia Wang.
Despite growing adoption, some countries are taking a more cautious approach. Brazil’s central bank recently barred the utilize of virtual assets in certain cross-border payment services, requiring providers to utilize traditional foreign exchange rails instead.
The stablecoin market value currently stands at about $322 billion, up from roughly $243 billion a year ago, per DeFiLlama data.
Stablecoin market cap. Source: DefiLlama
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